Press Release | Young Represents Warners’ Stellian in Building Purchase

Minneapolis, Minnesota – Paramount Real Estate Corporation’s, John Young, Vice President of Sales and Leasing, represented Warners’ Stellian in their purchase of an 80,000 square foot industrial building in Minneapolis at 2601 Broadway Street Northeast. The building will house a new retail store and will be a main distribution point for various appliances sold by the company. Mr. Young helped Warners’ Stellian identify the building, negotiate for its purchase, secure approval from Minneapolis’ Planning Commission, and guide the company through its due diligence.
The building was home to Boyer Ford Trucks, who moved to another location in Minneapolis. Boyer did not need the large warehouse and wanted to right-size its operation. The building is located just east of Stinson Boulevard on the north side of Broadway. It has great visibility from I-35W and easy access from Stinson Boulevard and Industrial Boulevard.
Warners’ Stellian is a 60-year old family operated business specializing in appliance sales. They have nine retail locations across the Twin Cities. Their commitment to customer service is matched by their commitment to the environment. They recycle all of the packaging from the appliances and utilize more fuel efficient vehicles that automatically shut off after five minutes of idle.

Press Release | Borene Promoted to VP of Property Management

MINNEAPOLIS, MN.  Paramount Real Estate Corp | TCN Worldwide promotes Lisa Borene to Vice President of Property Management Services.  Lisa is responsible for providing asset and property management services for the Paramount property management portfolio.  Paramount management services include third party management of office, industrial, retail and flex properties and receivership services throughout the Twin Cities area.
“Lisa is highly respected and trusted by our property owners for her responsive and creative problem solving, understanding of critical operational issues, and sound real estate advice.  Lisa is a highly valued member of the Paramount team”, Principal Fred Hedberg said.
Lisa has been with Paramount as a Property Manager for 10 years.  Her property management efforts focus on providing exceptional service to tenants, contract negotiations, and budgeting, as well as implementing and improving tenant customer services.
Lisa has had an extensive career in commercial real estate.  Prior to working at Paramount, Lisa was employed by Regis Corporation and Caribou Coffee managing lease locations across the country.  Lisa brings years of experience, creativity, property knowledge, and a “can do” attitude to her tenants and property owners making her one of the Twin Cities’ premier property managers.
Paramount Real Estate Corporation is a Minneapolis/St. Paul based commercial real estate company specializing in representation, consultation, and property management services for individuals, corporations and institutional clients. Paramount provides creative solutions to complex commercial real estate transactions through knowledge, experience and innovation.

Press Release | Powell Named Broker of the Year 2017

MINNEAPOLIS, MN.  Paramount Real Estate Corp | TCN Worldwide named Nancy Powell, Vice President, Paramount’s “Broker of the Year for 2017”. 
“Nancy is a hardworking energetic professional.  She is highly trusted and respected by her clients for great communication and creative negotiation skills”, Principal Fred Hedberg said.
Nancy joined Paramount Real Estate | TCN Worldwide in 2006.  Her brokerage activity is focused on advising office and industrial building owners and corporations on how to maximize the return on their commercial real estate investment.  Nancy executes the plan that best achieves her client’s business objectives.  Through Paramount’s TCN Worldwide platform, she is able to provide brokerage services both locally and nationally.
Prior to working at Paramount, Nancy was employed by the Best Buy as a Real Estate Manager focusing her efforts on identifying and negotiating new stores as they expand into new markets.

St. Paul Property Tax Increase | John Young

St. Paul property owners were shocked to receive their latest property tax statement with a 23.9% increase in St. Paul taxes. Both residential and commercial property taxes are increasing dramatically, but, as usual, the devil is in the details.
Unlike many other cities, St. Paul has a long history of assessing street and sidewalk maintenance separately. St. Paul taxpayers have long complained about the maintenance costs largely because it was billed separately and stuck out like a sore thumb. Now, with the street and sidewalk maintenance costs included in property tax bills, there are complaints about the size of the 23.9% St. Paul levy increase.
City officials report that only 4.9% is due to “normal budgetary pressures” and the remaining 19% is due to including the cost of street maintenance into the typical property tax bill. The good news is that tax payers will not be paying the extra maintenance costs separately. Some of the 4.9% levy increase is intended to make up for less Local Government Aid coming from the State of Minnesota, a challenge that most Minnesota cities are facing.
St. Paul is not alone in the recent tax increases. Ramsey County and the St. Paul Public Schools both increased their levies to raise more tax revenue. St. Paul city officials have called this a “tax year like no other”, and I am sure St. Paul residents and business owners will agree.
Written by: John Young, CCIM, Paramount Real Estate Corp.