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
OWNERSHIP CYCLE OF A COMMERCIAL PROPERTY
WEST BLOOMINGTON BUSINESS CENTER: 6300 W Old Shakopee Rd, Bloomington, MN
The ownership cycle of commercial properties can be quite unique. In 1997, Fred Hedberg, Principal of Paramount Real Estate Corporation was asked by a past client to determine the value and marketability of some excess land that was remaining after building a mini-storage facility on a site in Bloomington, Minnesota. Fred provided a valuation and marketing plan for the land. He also suggested that his client might want to consider developing an office-showroom or industrial building on the site. The market for that type of product was very strong at that time. Fred suggested to his client that if this was of interest, he would like to co-develop and own the building with his client.
Forming a Partnership
The prospect of continuing to own the land and not pay capital gains tax on a sale was appealing to Fred’s client. It was beneficial having the opportunity to partner with a seasoned real estate professional. Who also had a good understanding of the market and kind of buildings and spaces tenants were looking for at that time. They agreed to move forward on a new development together. They began to work with an architect and contractor. Whom laid out a building on the site that would meet current market demands for space. As well as a building that would meet the test of time.
Developing the Property
After reviewing financial projections prepared by Fred, a partnership formed to move forward with the project. Construction drawings, city approvals and financing were completed and secured. The general contractor selected for the new 80,714 SF project was Kraus Anderson. The project called West Bloomington Business Center.
Completing the Project
The partners hired Paramount Real Estate Corporation to lease and manage the building. In 1998, the shell building was completed and by the end of 1999 was fully leased and built out. The building attracted well-known local and national tenants that leased the majority of the building as office space. In 1999 the building was recognized by NAIOP as a recipient of their Awards of Excellence for the Light Industrial-High Finish category. The building has performed well though the various real estate cycles that followed. It has stood the test of time as different tenants with uses other than office have found it to be a desirable building and location for their businesses.
Selling the Building
After 20 years of ownership, Fred and his partner decided that it would be in their best interests to sell the building during the current business cycle for estate planning purposes and to maximize their return on the investment. Fred found a local investor that was in need of a 1031 exchange property. West Bloomington Business Center fulfilled his exchange requirement and his desire to own a well performing, high quality asset. The property sold in August 2018. The new owner hired Paramount Real Estate Corporation to continue to lease and manage the building.
Paramount Continues to Lease and Manage Property
Fred and his leasing and property management team are excited to have the opportunity to continue to work on this project in the future. See detailed information about the space currently available at West Bloomington Business Center.
Written by: Fred Hedberg
If you would like real estate investment advice,
please contact: www.paramountre.com
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 Worldwide Real Estate, a consortium of independent commercial real estate firms which Paramount Real Estate Corp is a member, 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 5000 brokers and salespeople have a well-earned reputation for providing straightforward expert advice.
Check out the June 2018 edition of Paramount’s Insite Newsletter. CLICK HERE.
You will find interesting articles related to Property Management, find out if your space helps or hurts your hiring efforts, read about a recent transaction with Warners’ Stellian, and check out upcoming events around the Twin Cities.
Call Paramount for all your
commercial real estate needs today.
(952) 854-8290 www.paramountre.com
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.