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Ramsey Shopping Centers <br /> There are three major shopping areas in Ramsey: The COR/Northstar Marketplace, River's <br /> Bend/Ramsey Towne Square, and 167th Retail Node. The COR/Northstar Marketplace is a <br /> 96,175 square foot neighborhood center anchored by Coborn's. Other tenants include Anytime <br /> Fitness, Subway, Verizon Wireless, Caribou Coffee, Fantastic Sam's, and others. This center is <br /> located less than one-half mile from the Ramsey Station. The second Ramsey shopping area-- <br /> River's Bend/Ramsey Towne Square--is located four miles east of the Ramsey Station at Bunker <br /> Lake Boulevard and TH-47. This center has over 40 retail tenants including Wendy's, <br /> SuperAmerica, Caribou Coffee, Subway, and Rum River Wine and Spirits. The third retail area <br /> in Ramsey is a retail node at 167th Avenue and TH-47, which is home to a liquor store, <br /> Domino's, a day care center, and a church. <br /> Retail lease rates, as shown in Table 5-3, are reflective of Ramsey's distance from major <br /> population centers. Retail lease rates range from $12.00 to $18.00 per square foot, below the <br /> Twin Cities area average of$18-19 per square foot. <br /> Table 5-3 <br /> RAM SEY RETAIL RENTAL RATES <br /> (Per Square Foot) <br /> Net Space <br /> Rent Expenses Taxes Available <br /> Retail <br /> Northstar Marketplace $ 2.41 $ 3.19 <br /> Rum River Retail $12.00-14.00 2,550 <br /> Ramsey Commons $16.00-18.00 8,849 <br /> Source: Loopnet,Northmarq,and M cComb Group,Ltd. <br /> Ramsey Retail Development <br /> Over the past 10 years, over 180,000 square feet of retail space was developed in Ramsey. <br /> Northstar Marketplace in The COR represented 53.4 percent of all retail space. The only other <br /> significant retail development was a 34,700 square foot Slumberland furniture store. <br /> Office Market <br /> The office market in the Twin Cities area is showing signs of improvement. With <br /> unemployment dropping and some indication of positive employment growth, the demand for <br /> office space is increasing. Vacancy rates in the Twin Cities area are down from 17.6 percent in <br /> 2010 to 16.8 at the end of 2011. Rental rates have remained consistent since peaking in 2008 <br /> and dropping in 2009 to their current levels. The average asking full-service rent rate for Class <br /> A office space is $23.27 per square foot for central business district properties and $23.49 for <br /> suburban properties, as shown in Table 5-4. <br /> The Twin Cities area absorbed over 400,000 square feet of office space in 2011, which was up <br /> from 26,000 in 2010. Despite the positive trends, the only construction activity for office space <br /> in the past two years has been for build-to-suit office buildings; no multi-tenant office buildings <br /> have been built. Current trends indicate the possibility of some construction activity but likely <br /> only in the major established office locations. <br /> 5-3 <br />