Keystone Community Services Purchases Building
St. Paul will have a new food shelf specifically designed to meet the needs of local residents. John Young, Vice President with Paramount Real Estate, along with a team including NTH and Fox Advancement, represented Keystone Community Services in purchasing a building on University Avenue for their new community food site. This 20,000 square foot facility will be located just steps from the Green Line’s Fairview Avenue Station. In addition to public transit, Keystone’s participants and volunteers will have access to both off and on-street parking, which is rare along the Green Line.
Keystone’s mission is to “strengthen the capacity of individuals and families to improve their quality of life”. They are an 80+-year-old large multi-service nonprofit organization that provides human services in the areas of basic needs, afterschool programs, youth employment programs, and senior services. Food insecurity is at an all-time high due to the slower economy and Covid-19 impacts. Keystone is filling these needs with existing and new food programs for residents of Ramsey County. Therefore, the new site will provide expanded resources for our community. A capital campaign is underway to raise money for renovating and equipping the site. Learn more at www.keystoneservices.org.
Keystone Community Services Purchases Building
Paramount Real Estate Corp Partners with
TCN Worldwide Real Estate Services
Paramount is proud to continue our partnership with TCN Worldwide Real Estate Services for the 12th year. TCN Worldwide is an alliance of top independent brokerage firms serving more than 200 markets. Work with a global leader while accessing the unique knowledge that only local offices can provide.
TCN Worldwide, a consortium of independent commercial real estate firms, provides complete integrated real estate solutions locally and internationally. An extensive range of real estate services coupled with a personal commitment to exceed expectations is what allows TCN Worldwide to be a leader in this competitive industry. Comprised of leading independent brokerage firms, serving more than 200 markets globally. TCN Worldwide combines an entrepreneurial approach with years of local experience. Around the globe, across all property types and service groups, TCN Worldwide’s more than 1,500 brokers and salespeople have a well-earned reputation for providing straightforward expert advice.
Let TCN Worldwide Work For You… TCN Worldwide affiliates are able to meet their clients’ real estate needs globally by utilizing local expertise while retaining direct control and responsibility, providing a single point of contact. We offer comprehensive commercial real estate transaction, management and consulting services, all provided with the highest level of corporate accountability and entrepreneurial commitment.
TCN Worldwide allows you to communicate directly with a business owner and entrepreneur. We offer more than sound real estate advice. We offer a partner to share your vision. When you work with TCN Worldwide you’ll be working with someone who shares your sense of ownership and accountability.
Ranked among Most Powerful Brokerage Firms – Commercial Property Executive
A Best of The Best: Brokerage Firm – National Real Estate Investor
One of the Industry’s Most Recognizable Brands – The Lipsey Co., Top 25 CRE Brands Survey
Our Newest Tenant at RMC Corporate Center
RMC Corporate Center welcomes its newest tenant Welsh Construction. Welsh Construction secured the beautiful endcap space in this Minnetonka building. After removal of the acoustical grid and tile ceilings, the tenant was able to take advantage of the heavily glassed space. The newly built office configuration shows that desirable space can come from older building stock, providing the property is as relevant today as it was back in the early 1980’s when constructed. Quality construction never goes out of style!
Tenants at RMC Corporate Center are poised to take advantage of SWLRT with a small station directly across Bren Road East. The new station and many other amenities are within walking distance. With 14’-0” clear heights, good parking ratios, excellent park amenities, including walking trails and green space, the property is a great option for a wide range of space users. In addition, super easy access and exiting due to the change in some one-ways make this property desirable for any business.
Thanks to Brad Bohlman of Colliers for his assistance on this lease.
For more information about Welsh Construction visit their website at: https://www.welshconstruct.com
Don’t miss out on our current space options at RMC Corporate Center:
-2,814 SF office-warehouse; with drive-in door
-4,000 SF office-warehouse; with 2 dock doors
-5,000 SF all office
Written by: Nancy Powell | Vice President
TRUSTING HEART BLOOD CENTER
Paramount Welcomes Our Newest Tenant to 7390 France Building
Trusting Heart Blood Center recently opened their first location! They are our newest tenant at 7390 France Ave S, Edina. This is the company’s first blood center and they have plans to open more centers throughout the US. At the new center, Trusting Heart collects blood platelets from volunteers and supply these platelets to local area hospitals. The hospitals desperately need them to save lives. In addition, they pay volunteers for each visit.
For many years, Paramount Real Estate Corporation has managed and leased 7390 France Ave S. Approaching it’s 50th anniversary, the building was in need of updating. That updating included gutting and rebuilding the entire interior of the building. This was done to Trusting Heart’s design and specifications. Therefore, the installation of new mechanical and electrical systems was imperative. This included a new energy management system, LED lighting and a backup generator. Expanding the main entry to the building created a more modern look. The contractor removed the traditional dropped ceilings in areas of the building. As a result, the space is now open to the concrete deck, which was painted black.
The architect created a bright open reception area and adjacent canteen. They did that so Trusting Heart can provide a welcoming atmosphere to its visitors. Each patient donation area is semi-private with comfortable seating and a TV. In addition, fresh paint, landscaping and the installation of window awnings spruced up the exterior of the building. Also, a new illuminated monument sign was installed right in front of the building.
PARAMOUNT MANAGES CONSTRUCTION PROJECT
Lisa Borene, Vice President of Property Management at Paramount served as the owner’s construction manager for the project. She worked closely with the contractor Gardner Buildings to assure that all work was completed on a timely basis.
For more information on Trusting Heart Blood Center and to donate, go to www.trustingheartbloodcenter.com
Thanks to Eric Sheaffer & Matt Friday of CBRE for their assistance on this lease.
Written and Leased By: Fred Hedberg, CCIM, SIOR | Principal
SANTAMARIA ENTERPRISES EXECUTES 1031 EXCHANGE
Congratulations to Santamaria Enterprises & Paramount’s West Team for the purchase and closing of The Cliff Town Offices!
2805 Cliff Road or The Cliff Town Offices is a ½ acre, 8,420 SF multi-tenant office building. It is class B space consisting of 3 floors and built in 2004.
Paramount Real Estate broker, Jeffrey Swanson helped his client, Santamaria Enterprises, purchase this fully leased investment property as part of a 1031 exchange for the price of $1,100,000.00. The property closed on July 20, 2020 and Jeff will stay on to help with any leasing needs the asset will have in the future. Currently we have two newly renovated, 1,200 square foot suites available for lease.
For more details about the spaces available: Cliff Town Offices For Lease
Santamaria Enterprises recently sold a building in Minneapolis that included a night club owned by the landlord. The profits from this sale were rolled into this 1031 exchange, and were used to purchase the 2805 Cliff Road building. Paramount also represented them in leasing space in Richfield, MN. They use this space to operate their Latino radio station, La Raza. Tune in and enjoy the show on 95.7 FM!
EDEN PRAIRIE INDUSTRIAL BUILDING SOLD
Paramount Real Estate Corp | TCN Worldwide is very pleased to announce the Sale of 6450 Carlson Drive | Eden Prairie, MN
HISTORY OF THE PROPERTY
6450 Carlson Drive is a 42,760 multi-tenant office-warehouse building located off Highway 62 and Interstate 494. The Eden Prairie industrial building situated on 3.97 acres, was built in 1986. When a long term tenant vacated the majority of the building, Paramount was engaged to market the property. Initially they marketed it as a 36,885 square foot vacancy For Lease.
PARAMOUNT’S CLIENT & THE DEAL
Bloomington-based Paramount Real Estate Corporation brokers, Jeffrey Swanson, Associate and Fred Hedberg, President represented the seller in this transaction. FHM Partners, the sellers, consist of a local managing partner and two out of state passive owners.
“This Eden Prairie industrial building was on the market For Lease. We were in the midst of negotiating a 10-year lease for the building’s vacant space. This is when a user/buyer made an unsolicited offer to purchase the building. Paramount advised FHM Partners on the pros and cons of each opportunity. The partners decided that it was in their best interest to sell. The transaction moved forward quickly with only a slight delay due to a change in financing that pushed the closing out 10 extra days,” commented Jeff Swanson.
THE NEW OWNER
BLCKGLD, LLC, a Minnesota owned LLC, is the entity that recently purchased this office-warehouse building at 6450 Carlson Drive. With their upcoming expansion, a company with common ownership to BLCKGLD, LLC plans to remodel and occupy the entire building.
In conclusion, Paramount congratulates the West Team for closing on this deal!
PARAMOUNT RELOCATES POWERBLOCK’S HEADQUARTERS
Congratulations to Paramount’s East Team for their work to relocate PowerBlock’s headquarters to the Twin Cities! Read on to learn more about their history, dive a bit into the details of the deal, and see what is to come for PowerBlock!
PowerBlock Incorporated, the makers of the world’s best adjustable dumbbells, is currently based in Owatonna, MN; where Carl Towley founded the company in 1993. Moving PowerBlock’s headquarters to the Twin Cities will be monumental for this Minnesota grown, family-owned business! With a passion for body building and strength training, Towley observed the typical dumbbell took up too much floor space. This lead to the creation of a nested weight stack with a single handle secured by a U-shaped pin.
Paramount’s East team, John Young, Phil Simonet, and Joseph Schultz, were able to assist with consolidating three of PowerBlock’s locations into one! The new building will allow PowerBlock to unlock operational efficiencies not currently recognized. In addition, the new facility will allow PowerBlock to streamline their process; above all, boosting their bottom line.
What’s to Come
PowerBlock has BIG plans to make the space their own! Moreover, they will use the space as a way to brand themselves and display their company culture. In conclusion, their hope is that the updated space will allow them to attract the talent that will help execute their long-term strategic plan.
We cannot wait to see what the future has in store for them!
FIND OUT MORE ABOUT POWERBLOCK:
FORMER KABUKI RESTAURANT SITE SOLD IN EDEN PRAIRIE
Site Location: 6534 Flying Cloud Drive | Eden Prairie, MN
Paramount Real Estate Corp listed the former Kabuki Restaurant site for sale in the fall of 2018. The 2.5 acre site provides easy access to Crosstown 62 and Hwy 169. It is located between Shady Oak Road, on the West, and Valley View Road, on the South.
Finding the Right Fit…
Due to its location, interest was high and the site tours were frequent. Interested users proposed many different uses. These included a dog daycare, pickle-ball courts, various types of restaurants and retail, a daycare, a brewery, storage facilities and office space. Many also wanted to use the site for outdoor storage, but current zoning does not allow this. In addition, the City was changing the zoning from Highway Commercial to Industrial Tech Flex. That alone prohibited many of the uses proposed. The Seller actually agreed to two separate purchase agreements. The agreements were then subsequently voided because the city discouraged both users’ proposed plans.
Challenges to Overcome…
The sales process was an interesting one. The building was in poor condition with the HVAC, roof, electrical, plumbing and restrooms needing updating. The seller held an online auction to clear out much of the remaining kitchen equipment and assorted restaurant accessories. Unfortunately what followed the auction was a bit devastating; vandalism and unsold stolen equipment. As if that wasn’t enough, the former Kabuki site had household junk dumped and abandoned on four different occasions.
A Closed Transaction…
In December 2019, we finalized yet another purchase agreement for the former Kabuki Restaurant site. The Coronavirus did have an effect as well, delaying the normal due diligence process and typical closing. The result… business closings and financial issues. Amending and extending the purchase agreement three times also didn’t speed anything up. The sale did ultimately close in June 2020.
It was a long sales process! Thankfully the Sellers as well as their legal counsel, were patient and willing to work toward a final agreement. We commend them for their willingness to work through the many problems and issues that occurred throughout the process. That being said, all parties are relieved that the property finally closed.
Written By: Bob Johnston | Vice President
PARAMOUNT HAS MOVED.
We hope that this message finds you and your family healthy and adjusting to the new normal of social distancing and working from home. After a week of uncertainty about whether or not the move to our new headquarters could be completed on schedule, particularly with a stay-at-home order in place, all of our vendors came together and we moved into our new space at Southpoint Office Center on March 31, 2020.
Southpoint Office Center
1650 W 82nd St, Ste 725 | Bloomington, MN 55431
(All of our other contact information remains the same.)
Stop in and check out our new digs!
WE ARE HERE TO HELP YOU.
We are looking forward to the day when the entire Paramount Team can come back together to work in our new office space. In the meantime, we are working remotely and continuing to provide sound real estate advice. We also provide seamless service to help our clients navigate in this rapidly changing business environment.
No one can predict for certain what the world will look like after COVID-19 is brought under control. Paramount has endured through many challenging times during the past 24 years and we are committed to be here for you in the future. Stay healthy, think positive and please let us know if we can be of any assistance to you.
Paramount Real Estate Corp | TCN Worldwide
Fred Hedberg, CCIM, SIOR | Principal