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Chapter V
<br /> COMMERCIAL REAL ESTATE
<br /> Twin Cities Area Retail Market
<br /> The northwest portion of the Twin Cities area is the largest retail market by square feet. The
<br /> Northwest submarket has 17.8 million square feet of retail space, which is 29 percent of the Twin
<br /> Cities total, as shown in Table 5-1. Retail space in neighborhood shopping centers is the largest
<br /> portion of the Northwest submarket with 6.8 million square feet of space. The Southeast
<br /> submarket has the largest amount of regional mall space, which includes the Mall of America
<br /> which is 2.7 million square feet in size. The Northwest submarket has the most square feet of
<br /> community and neighborhood retail centers. The area wide retail vacancy rate in the 3rd Quarter
<br /> of 2011 was 6.2 percent. The vacancy rate in the Northwest submarket was 7.2 percent.
<br /> Table 5-1
<br /> TWIN CITIES AREA RETAIL INVENTORY, 3RD QUARTER 2011
<br /> Square Feet Percent Vacancy
<br /> Submarket Regional Community Neighborhood Total of Total Rate
<br /> CBD - - - 2,489,918 4.1 % 6.4 %
<br /> Northeast 2,782,758 3,954,366 3,305,998 10,043,122 16.4 7.6
<br /> Northwest 5,175,213 5,801,932 6,779,576 17,756,721 28.9 7.2
<br /> Southeast 6,989,944 4,242,594 4,977,658 16,210,196 26.4 5.2
<br /> Southwest 5,951,076 4,107,340 4,796,694 14,885,110 24.2 5.2
<br /> Total 20,898,991 18,106,232 19,859,926 61,385,067 100.0 % 6.2 %
<br /> Source: Colliers and Economic&Planning Systems,Inc.
<br /> Northstar Corridor Shopping Centers
<br /> The Riverdale area in Coon Rapids is the largest shopping center concentration along the
<br /> Northstar Corridor. Three major community centers total over 1.8 million square feet, as shown
<br /> in Table 5-2. Riverdale Village, a large power center, is 975,229 square feet in size and is
<br /> anchored by Costco, Sears, JC Penney, and Kohl's. Riverdale Commons shopping center is
<br /> 505,945 square feet in size and is anchored by Target and Home Depot, as shown in Table 5-2.
<br /> Riverdale Crossing (333,517 square feet), anchored by Walmart and Cub, is north of TH-10.
<br /> All but one of the shopping centers in the corridor was built before 2000. The only center built
<br /> after 2000 is the Elk River Center in Elk River, anchored by Walmart and Home Depot. In
<br /> addition to the shopping centers listed in Table 5-2, Northtown Mall, a 745,000 square foot retail
<br /> mall anchored by Herbergers, Best Buy, and Home Depot, is located in southwest Blaine near
<br /> Springbrook Mall. Shopping centers in Coon Rapids and Fridley are in close proximity to
<br /> Northstar stations. Shopping center locations are shown on Figure 5-1.
<br /> 5-1
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