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CHAPTER' <br /> PRESIDENT'S <br /> REPORT <br /> <br />OVER 250 PEOPLE ATTEND THE <br />INDUSTRIAL SPACE UPDATE <br /> <br />We experienced record attendance at the June 18 program <br />featuring the Annual Industrial Space Update. David Kordonowy <br />of Steiner Development Company did a remarkable job <br />coordinating the program which featured five speakers each <br />handling a particular submarket within the Twin Cities <br />metropolitan area Congratulations to John Allen of Coldwell <br />Banker, Don Bachmeier of Towle Real Estate, Mark Davis of <br />Benson, Malkerson and Bradbury, Todd Mongrain, of Garron <br />Corporation, and Gary O'Brien of Trammell Crow Company. The <br />quality and thoroughness of the information obtained by these <br />marketing professionals produced a comprehensive update on <br />the industrial space market which is unmatched in this area It <br />appears as if an oversupply condition is surfacing, particularly in <br />the south and sowthwest markets The Twin Cities market, <br />however, has shown strong space absorption particularly with the <br />high-tech user requiring a heavier concentration of office space~ <br />This survey showed little activity in the traditional high-bulk <br />industrial warehouse space due to the changing needs of today's <br />companies. This program re-emphasized the need for all <br />developers to do careful market research on tenant needs, space <br />absorption and competition before commencing new speculative <br />projects <br /> <br />NATIONAL LEGISLATIVE EFFORT IN RESPONSE <br />TO TAX REFORM MEASURES <br /> <br />Tax policies favorable to real estate are under attack at the <br />national level The administrations' new tax reform proposal <br />would have a severely negative effect on many aspects of real <br />estate investment and development. At this point, there is little <br />doubt that the favorable tax treatment which real estate has <br />enjoyed in the past will be curtailed or reduced, the question is <br />how much. The principal issues under evaluation are: deductions <br />for investment interest expense, extending the "at risk" rules to <br />real estate, extending the depreciation schedules, and modified <br />capital gains treatment. The national NAIOP President, Tom <br />Congleton, will soon be testifying before the House Ways and <br />Means Committee and the Senate FinAnce Committee to plead <br />our case. Obviously, these issues directly affect the profits of all <br />of our projects and if there was ever a time when we need your <br />support--now is the time. We encourage you to write your <br />Congressmen and Senate representatives to discourage any <br />changes in the tax policy related to real estate. If you have any <br />questions concerning the official NAIOP stance on these issues, <br />do not hesitate to call Jim Stuebner or myself. <br /> <br />NAIOP SUMMER OUTING ANNOUNCED <br /> <br />The Minnesota Chapter of NAIOP will hold its popular summer <br />outing at the MinnetonkA Yacht Club on Thursday, July 18, at <br />6:00 P.I~ There will be a buffet dinner, live band and boat ride& <br /> <br />Admission is limited for this <br />event, so we encourage you to <br />call in your reservation as soon <br />as possible to Ed Harrington <br />at 927-9220. <br /> <br />Boyd B. Stofer <br /> <br />JOHN GABRIELSON SELECTED AS NAIOP <br />INDUSTRIAL BROKER OF THE YEAR <br /> <br />John tL Gabrielson, president of J.IL Gabrielson & Co., <br />Minneapolis real estate brokerage fn'm, was named recipient of <br />the first annual "Industrial Broker of the Year" award by the <br />Minnesota Chapter of the National Association of Industrial and <br />Office Parks (NAIOP). <br /> <br />The "Broker of the Year" award is given annually by the NAIOP <br />to the broker selected by its members as the most outstanding in <br />the industry. Criteria for receiving the award include pr~ <br />fessionalism, creativity and expertise, combined with integrity <br />and outstanding performance in the general brokerage fielrl <br /> <br />John tL Gabrielson <br /> <br />Prior to establishing his own firm, Gabrielson was a partner in the <br />firm of Benson, Malkerson, Bradbury and Gabrielson, lnc~, of <br />Minneapolis, and from 1976 to 1982 was an industrial sales <br />specialist with the Minneapolis office of Coldwell BAnker <br />Commercial Real Estate Services <br /> <br />During his career, Gabrielson has been responsible for the sale or <br />lease of properties with a combined transaction value of nearly <br />$80 million. He has sold or leased more than 4.8 million square <br />feet of industrial buildings, with a total transaction value in <br />excess of $60 million, and has completed land sales totslllng <br />more than 700 acres, with a combined value of $18 million. <br />Gabrielson is a member of the NAIOP, Society of Industrial <br />Realtors, CIMLS, National Association of Realtors, Minnesota <br />Association of Realtors, and the Greater Minneapolis Area <br />Board of Realtors. He is currently serving a term ss a director of <br />the Minnesota Chapter of the NAIOP. Please join me in <br />congratulating John on his receipt of this prestigious award. <br /> <br /> Boyd B. Stofer <br />Minnesota Chapter President <br /> <br /> <br />