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Paramount Real Estate Corp

COST SAVINGS WITH LED LIGHTING

COST SAVINGS WITH LED LIGHTING
DID YOU KNOW?

LED lighting is up to 80% more efficient than traditional lighting such as fluorescent and incandescent lights?  95% of the energy in LEDs is converted into light and only 5% is wasted as heat.  Compared that to fluorescent lights which convert 95% of energy to heat and only 5% into light! LED lights also draw much less power than traditional lighting; a typical 84-watt fluorescent can be replaced by a 36-watt LED to give the same level of light.  Less energy use reduces the demand from power plants and decreases greenhouse gas emissions.  See photo on the right for a side by side comparison.
CODES & CITY REQUIREMENTS
It is important to know the exterior lighting codes and requirements in your city.  Cities that realize the importance of this simple step to energy savings are being proactive by outlining specifics on what can be used.  Color and output/brightness are two of the biggest factors.
City of Bloomington Requirements:  https://www.bloomingtonmn.gov/sites/default/files/52u_exterior_light.pdf
CONSIDER ALL THE FACTORS
Do we need to replace the entire fixture or just the “bulb”?  There are many companies out there that will provide you with a free lighting audit showing you the big savings of re-lamping fixtures and all.  Make sure you are considering ALL the factors:

Do we have the correct existing fixtures/watts?
Are the usage hours correct/close to your actual facilities hours?
Can you retrofit your current fixtures?

Plug and Play Ballasted LED – swaps out existing linear fluorescent T8 or T5 LED tubes.
Direct Wire LED Tubes– no ballast maintenance needed.
Plug and Play Ballast Bypass – Upgrade by simply changing out the lamp.  No electrician cost for the rewiring of the fixture.  No voltage issues at the socket, and reduced overall maintenance.

There’s a lot to consider before changing out lighting.  Make sure you spend the time finding the right fit for your facility.  Some cities may require consumers to re-lamp outdoor fixtures to LED over the next few years.  To the contrary, it may be surprising to hear that some cities, Excelsior, for example, prohibits them.  With the reduction in energy it seems irresponsible not to consider moving to LED.
 
For More Information About
Property Management, Contact:
Lisa Borene | Vice President
Property Management Division
(952) 746-1897
lborene@paramountre.com

Paramount Partners with TCN Worldwide Real Estate Services


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

EXPECTATIONS WHEN HIRING A REAL ESTATE BROKER

Expectations When Hiring A Real Estate Broker Photo

EXPECTATIONS YOU SHOULD HAVE WHEN
HIRING A REAL ESTATE BROKER
When a firm engages the services of a licensed real estate broker, what should be the expectation in terms of service and performance? There are many areas to note, but I will mention three that I believe are most important.

Experience.
Enthusiasm and hard work can make up for many deficiencies. There is no question that those two qualities are critical to any successful real estate assignment. However, people just beginning their careers in the brokerage business don’t start by tackling the most difficult deals. Standard practice in the industry is for a young person to be partnered with, and mentored by, a more seasoned veteran. There is much at stake in any real estate deal. Understanding how to structure the proper deal, familiarity with existing market conditions, editing lease language, and negotiating with area landlords generally is earned by riding the coat tails of a more experienced broker and on-the-job experience. Most of what I have learned over the years has come through time spent with experienced and competent landlords, attorneys and contractors . . . and making plenty of mistakes!!!

Honesty.
Absolutely essential! When any firm, large or small, places its trust in an individual broker, particularly with what’s at stake in a real estate deal, the broker must present an “open book” of himself and the deals he presents to the client. If a landlord is offering a special broker trip or bonus for concluding a deal, the client needs to know. If the broker represents a building they are recommending to the client, the client needs to know. A perceived conflict is sometimes worse than an actual conflict. In every instance, without exception, the broker must do what is best for the client.  There should be total transparency from start to finish.

Value.
The broker must provide value in every step of the process. If there is no value, what benefit is there to the client? Value comes in many forms and weighted differently by various firms. However, successful firms are focused firms, and taking the time required to complete a real estate deal can easily eat up lots of time . . . and money!!! Expecting a full-time employee with no experience or knowledge to represent the firm’s best interests in the marketplace is foolish. Landlords know their business, and you know yours; and someone needs to be an advocate for the client.

Looking For A Great Real Estate Broker? Look No Further!!!
Industrial Brokers:
Fred Hedberg, CCIM, SIOR, Principal
Phil Simonet, Principal
John Young, CCIM, Vice President
Joseph Schultz, Associate
Jack Buttenhoff, Associate

Office Brokers:
Nancy Powell, Vice President
 
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MID-YEAR 2020 OFFICE MARKET UPDATE

Office Market Update

MID-YEAR 2020 OFFICE MARKET UPDATE

UNDERUTILIZED OFFICE SPACES
The office market holds on while companies extend work from home options into 2021.  While the expectation stays the same that amenities will continue to drive demand, those amenities have gone nearly unused during Q2 2020.  It is anticipated that in upcoming months, those underutilized spaces will help alleviate some congestion as workers return and a relief valve is needed for the more heavily occupied tenant spaces.  For now, every other chair is literally turned on end.  Parking ramps and common area cafés remain empty and there isn’t a waiting line in the elevator lobby.  Certainly, leased office spaces are currently underutilized.  Because of this, a reduction in operating costs due to lower utility and cleaning costs could be forthcoming. 

POSITIVE ABSORPTION & LOW INVENTORY
The above narrative however, is not reflective in the Q2 data as businesses, bound by leases, utilize PPP programs to keep productivity up.  Unemployment surged in May 2020 to 10.4% from 2.6% in May 2019.  Even with that bad news, the overall office market experienced 664,000 square feet of positive absorption ending Q2 with a total market vacancy rate of 12%.  Focusing on multi-tenant properties only, the overall vacancy rate hovers at 15.7%, 0.3% up from year end 2019.  The clear winner continues to be the Northwest submarket with an overall multi-tenant vacancy rate of 9.5% with overall quoted gross rental rates averaging $21.95/SF.  The Northwest market is a sharp contrast to the 20% vacancy rate experienced in St Paul CBD.  These two markets show quoted gross rates that are nearly equal at $21.98/SF. 
Total sales volume for Q2 surpassed 1.3 million square feet.  Low interest rates continue to drive sales but inventory is low and investors have few options readily available. 
IN CONCLUSION
Returning to the office remains unknown to many employees.  Much rides on finding a vaccine.  Mass transit and social distancing don’t mix well and parking lots have disappeared in the downtowns.  Winter is calling, so keep wearing your mask and together we will ride this out. 
Written by: Nancy Powell, Vice President

PARAMOUNT RELOCATES POWERBLOCK’S HEADQUARTERS

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!
About 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.
The Deal
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

TCN Worldwide: Ranking 7th on NREI 2018 Top Ten Broker’s List

TCN Worldwide: Ranking 7th

TCN Worldwide: Ranking 7th on NREI 2018 Top Ten Broker’s List

TCN Worldwide is honored to be named once again the Top Ten of the National Real Estate Investor Top Brokers List for 2018; ranking 7th as one of the leading brokerage organizations in the industry.
TCN Worldwide Real Estate is a consortium of independent commercial real estate firms.  It provides complete integrated real estate solutions locally and internationally.  TCN Worldwide is a leader in this competitive industry.  They provide an extensive range of real estate services coupled with a personal commitment to exceed expectations.  Comprised of leading independent brokerage firms, they serve 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 5000 brokers and salespeople have a well-earned reputation for providing straightforward expert advice.
See the complete list here:  https://www.nreionline.com/brokerage/2018-top-brokers?full=1

 
 

TCN Worldwide Among NREI 2018 Top Property Managers

TCN Worldwide Among NREI 2018 Top Property Managers

TCN Worldwide Among NREI 2018 Top Property Managers

TCN Worldwide is honored to be named to the National Real Estate Investor Top Property Managers List for 2018.  The ranking is based on total square footage of space managed globally.  TCN manages nearly 446 million square feet.  TCN  is a consortium of independent commercial real estate firms which Paramount Real Estate Corp is a member.  They provide complete integrated real estate solutions locally and internationally.  TCN Worldwide is a leader in this competitive industry.  They have an extensive range of real estate services coupled with a personal commitment to exceed expectations.  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 5000 brokers and salespeople have a well-earned reputation for providing straightforward expert advice.

Press Release | Joseph Schultz Joins Industrial Brokerage Team

Is Your Physical Space Helping or Hurting Your Hiring Efforts?

JOSEPH SCHULTZ JOINS PARAMOUNT REAL ESTATE CORP | TCN WORLDWIDE AS LEASING AND SALES ASSOCIATE
MINNEAPOLIS, MN.  Paramount Real Estate Corp, Bloomington, MN is pleased to announce the addition of Joseph Schultz to the industrial sales and leasing team.  He will be working with Philip Simonet and John Young, CCIM.  Focusing his efforts on agency leasing, new business development and buyer/tenant representation in the southeast and northeast Twin Cities submarkets.
Joseph was born and raised a Minnesotan. He graduated from Saint Thomas Academy and attended college at Gustavus Adolphus College.  Therefore, he earned a Bachelor’s degree in Economics with a focus in Economic Analysis.  He comes to Paramount with real estate experience while previously working as an intern at Cushman & Wakefield before joining Paramount.
In his spare time, Joseph enjoys watching sports, particularly the Minnesota Vikings, and spending time with family and friends.

Lisa Borene Promoted to VP of Property Management


Lisa 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. Also 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.  She is a 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’s employment history was 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.