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.

Press Release | Hedberg & Young Represent Eden Trace Corporation

FOR IMMEDIATE RELEASE
Minneapolis, Minnesota – Fred Hedberg, Principal and John Young, Vice President of Paramount Real Estate Corp/TCN Worldwide recently represented MMC Property, LLC, a long term client, in the sale of the property located at 1400 Mill Lane, Waconia, Minnesota. The 98,688 square foot one story office-warehouse/manufacturing building includes 16.62 acres of land for expansion in the growing community of Waconia. The building is fully leased to one tenant.
The property sold for $4,350,000 and closed on September 27, 2017. Paramount also identified the Buyer, Eden Trace Corporation, a private investment entity from Minneapolis, Minnesota.
For more information on Paramount news, please see www.ParamountRE.com/news/.
Paramount Real Estate Corporation/TCN Worldwide is a Bloomington, MN based commercial real estate company that provides a full range of services including leasing, sales, property/asset management, project management, real estate development and investment services locally and throughout the United States.

TCN Worldwide’s State of the Market: Central Edition (2017-Q3) | by Hugh F. Kelly, PhD, CRE

National and Macroeconomic Overview
Natural catastrophes, including a devastating series of hurricanes and an intense wildfire season in the Western United States, have stressed many regions of the country during the third quarter of 2017. Nevertheless, the economy has thus far held steady within the moderate bounds of growth that have typified the recovery from the Global Financial Crisis of a decade ago. Although short-term impacts of the storms and fires will make headlines, the economy is large and resilient. It should sustain momentum with year-over-year GDP growth of 2.0% – 2.5% for both the remainder of 2017 and through 2018.
Mixed signals typify the reports from key economic sectors. Consumption, which represents about 70 percent of the U.S. economy, had a second quarter uptick as it did a year ago. In 2016, second quarter personal consumption grew at an annualized rate of 3.8 percent (up from 1.8 percent in the first quarter). This year, second quarter spending hit 3.3 percent (up from first quarter’s 1.9 percent). This pattern of a weak first quarter has frequently been seen since 2010. Existing home sales are running at 5.35 million, up just 0.2% year over year, the median home price is up 5.6 percent from a year ago. An increasing trade deficit acts as a depressant on GDP growth, and while real exports have been up 1.9% (as of August), real imports expanded more quickly at 2.8 percent.
Read more: Central_2017_Q3_State_of_Market_web
Economist Hugh F. Kelly PhD, CRE, who leads TCN’s Real Estate Economic Committee, is Clinical Professor at New York University’s Schack Institute of Real Estate where he has taught for 30 years. He is widely cited in the real estate industry and is a frequent speaker around the world.