International Market Square
Ownership: IMS Holding Company
Location: 275 Market Square
Minneapolis, Minnesota
Type: Minneapolis Design Center & Home Furniture Mart
Size: 430,000 sf
Acquired: 1997
Disposed: 2007
Summary: After a seven year period of inattention, TPI led the acquisition and turn around of this management-challenged property. Policies and procedures were implemented, money losing practices cut, physical problems remedied, intensive marketing programs put in place, proactive leasing completed. Raised occupancy from 84% to a 96.6% average while upgrading the tenant mix. Delivered a 26% IRR to the
investors. The new owner has retained Towle Properties to be its asset manager.
The Lofts at International Market Square
Ownership: IMS Lofts, LLC
Location: 290 Market Street
Minneapolis, Minnesota
Type: For-sale loft condominiums Number of Units: 97
Size: 895 to 2,450 square feet
Project Timeline: 2004 through 2006
Summary: The Minneapolis Furniture Mart formerly occupied 6 floors of the northern most building of International Market Square, comprising approximately 125,000 square feet. Most consumers were not familiar with the Mart since it was truly a wholesale facility, housing manufacturers who sold home furnishings on strictly a volume basis to retail stores in the Upper Midwest. Numerous mergers and consolidations let to a declining trade show participation in the Mart. In conjunction with the building ownership, TPI spearheaded the decision to close the Furniture Mart and convert the area to 97 for-sale loft condominiums. The final Mart was held in February 2004 after which, as project manager, TPI led a team to construct two models and launch a marketing campaign with a grand opening in April 2004 and sale of over 50% in one month. Construction began in September 2004, which includes the construction of a 383 stall parking ramp and skyway connection.
Rosemount Crossing
Ownership: Rosemount Crossing, LLC
Location: County Road 42 & Hwy. 3
Rosemount, MN
Type: Retail
Acquired: February, 2006
Size: 42,268 Square Feet
Summary: Placed under contract as a pre-sale from the developer. We then committed to permanent financing on a forward basis to lock in a favorable leveraged spread. Tenants include Aldi Foods, Starbucks, Fantastic Sam’s, MGM Liquor, Anytime Fitness and other quality tenants. TPI raised equity through a private placement memorandum and is the asset manager.
Third & Main Garage
Ownership: Eagles Way, LLC
Location: 3rd & Main Streets
Cincinnati, Ohio
Type: Parking Ramp
Size: 350 car, valet-style
Acquired: June, 2003
Summary: TPI acquired this parking garage at a prime location in downtown Cincinnati. Equity was raised through a private placement memorandum. The property is master leased to a national parking ramp management group and provides steady cash on cash returns. TPI provides asset management services for this investment. Through physical improvements we have increased curb appeal and business has increased. Today the operator is paying percentage rent and the investors returns are well over the proforma 11% cash on cash return.
Savage Marketplace
Ownership: Rio Bravo, LLC
Location: 7705 Egan Drive
Savage, Minnesota
Type: Retail
Size: 17,966 sf
Acquired: December, 2003
Summary: Acquired this newly developed property from the developer, Ryan Companies on a pre-sale. Fully leased, it includes Caribou Coffee, Blockbuster, Gamestop, Trade Secret and several other excellent retail tenants. TPI provides asset management
City Walk Parking Ramp
Ownership: Rio Bravo, LLC
Location: 7th and Cedar Streets
Central Business District
St. Paul, Minnesota
Type: Parking Ramp
Size: 502 stalls
Acquired: August, 2003
Summary: TPI provides asset management services to Rio Bravo, LLC. We automated this facility, reducing operating expenses and went to monthly contracts only. Net income was stabilized and increased.
Colonial Warehouse
Ownership: C.W., Inc.
Location: 212 3rd Avenue North
Minneapolis, Minnesota
Type: Office
Size: 161,179 square feet
Summary: TPI has served as asset management for this building in the heart of Minneapolis’ Historical Warehouse District since 1994. At that time, the 112-year old building was troubled; leaky windows, cold office suites, substandard parking, unresponsive building management and mounting operational problems. The vacancy rate was 26%. TPI prepared a complete asset management plan to help the building achieve its rental potential by completing the renovation, including window replacement, a new heating system, upgraded parking lots and access, improved security and attentive on-site management. After a successful turnaround, the property maintains a 90+% occupancy and provides a substantial return to the building owner. TPI continues to provide asset management services to the owner.
Apple Valley Business Center
Ownership: Towle Financial Services, Inc.
Location: 14690 Galaxie Avenue
Apple Valley, Minnesota
Type: Office/Warehouse
Size: 23,442 square feet
Summary: This property in the heart of Apple Valley was in foreclosure when TPI assisted the buyer with the acquisition and assumed asset management in 1990. Maintenance had been deferred, rent collection was a serious issue and occupancy stood at 60%. A comprehensive asset management plan was put into place, combining capital improvements, an overall business plan, leasing tactics and a long-range budget. Occupancy has remained at 100% for the past ten years and rents exceed comparable properties in the marketplace, more than doubling the value. The building has no debt and provides a cash flow to the building owner. TPI provides asset management services to the owner.
Osceola Square Mall
Location: 3831 W. Vine St., Kissimmee, Florida
Type:Enclosed Shopping Mall
Size: 335,000sf expanding to 400,000sf
Acquired: 2007
Summary: Backfilled a portion of a departing partner’s position. Have a long term relationship with the general partner and met the lender’s requirement for an experienced operator/investor. Expanding mall to add Burlington coat Factory as a
fourth anchor tenant. General re-tenanting of the mall.
Woodbury Land
Ownership: Woodbury Real Estate 1996 LLC
Location: SEC Radio Drive & Valley Creek Road
Woodbury, Minnesota
Type: 45 acre mixed use land development
Size: 45 acres
Acquired: 1996
Disposed: 1998-1999
Summary: Towle’s client, Super Valu, had a favorably priced option on this property. A 50/50 joint venture was formed to acquire and develop the property. The result was a very successful mixed use development of rental townhomes, a medical center, an upscale grocer, a bank branch and city parkland.
Minneapolis Riverfront Land
Ownership: Rio Bravo LLC
Location: 730 2nd Street South
Minneapolis, Minnesota
Type: Parking Lot
Size: 3 acres
Acquired: 1998
Summary: TPI led this acquisition and received city approval for a 452 commercial parking lot as an interim use. Prepared plans for an upscale for sale housing development. The property was condemned by the Minneapolis Community Development Association for the Guthrie Theater.
Greenleaf Lofts
Ownership: 2000 Nicollet LLC
Location: Nicollet and Franklin Avenues
Minneapolis, Minnesota
Type: 27-unit for-sale condominiums and 7,254 square feet of ground level retail, featuring Starbucks as an anchor tenant
Project Timeline: 2004-2006
Summary: As co-developer of this project, TPI provided the early stage equity and development expertise to acquire this blighted property from the City of Minneapolis for redevelopment. This property is now the poster project for inner city redevelopments.
1520 East Lake Street
Ownership: Franklin National Bank
Location: 1527 East Lake Street
Minneapolis, Minnesota
Type: Retail Banking/Office
Size: 15,000 square feet
Summary: TPI has served as asset management for this building on behalf of Franklin National Bank since 2003. The building was previously owned by a non-profit and had deferred maintenance and was in need of a roof replacement. TPI successfully negotiated an early lease renewal with Wells Fargo, handled a partial property taking and initiated a tax protest. All to properly position the property to be a future Franklin bank branch.
Thomas Lake Center
Ownership: Eagan Center Associates
Location: 1565 Cliff Road
Eagan, Minnesota
Type: Retail Development
Size: 42,000 sf, 5 Outlots
Developed: 1987
Disposed: 1991
Summary: TPI developed this center with a local developer, leased the property, sold the
Capital Centre (Now Ecolab University)
Ownership: TPI/CMS Capital Centre L.P.
Location: 386 No. Wabasha Street
St. Paul, MN
Type: Office
Size: 150,000 sf
Acquired: 1987
Disposed: 1992
Summary: Remodeled the tired interiors, aggressively leased, elevated tenant service levels, raised rents, occupancy and value.
Norwest Center
Ownership: TPI/CMS St. Paul L.P.
Location: 55 East 5th Street
St. Paul, MN
Size: 280,000 sf, 646 Stall Ramp
Acquired: 1986
Disposed: 1999
Summary: Created and implemented a long term value creation plan which included systems modernization, a complete repositioning/renovation of the retail center, conversion of retail spaces to parking, successful property tax appeals, placed major tenants on long term stepped-rent leases, and providing the highest quality service in the St. Paul CBD.
A & E Building
Ownership: Architects and Engineers Building Limited Partnership
Location: 1200, 1208, 1218 2nd Avenue South
Minneapolis, MN
Type: Office
Size: 28,000 sf
Summary: Raised $720,000 through a private placement plus debt financing to acquire and renovate this charming historic building. A portion of the property was condemned or the new convention center development. Historic tax credits were provided to the investors.
Towle Building
Ownership: 330 Limited Partnership
Location: 330 Second Avenue South
Minneapolis, MN
Type: Office
Size: 200,000 sf
55 stall garage
Acquired: 1987
Disposed: 1989
Summary: Acquired this building which was about to be foreclosed, updated the interiors, added signage, art, professional management, aggressively leased and significantly raised the value. Colliers Towle
Real Estate moved its headquarters to this location in 1987.
801 Transfer Road
Ownership: MTR
Location: 801 Transfer Road
St. Paul, Minnesota
Type: Office/warehouse
Size: 91,000 sf
Acquired: 1988
Disposed: 1992
Summary: Teamed with local investor to own and reposition this property from a single tenancy to multi-tenant office warehouse.
666 Transfer Road
Ownership: MTR
Location: 666 Transfer Road
St. Paul, Minnesota
Type: Office/warehouse
Size: 78,000 sf
Acquired: 1988
Disposed: 1992
Summary: Teamed up with a local industrial investor to acquire this office warehouse building.
858 Transfer Road
Ownership: St. Sioux Partnership
Locations: 858 Transfer Road
St. Paul, Minnesota
800 West Delaware Street
Sioux Falls, South Dakota
Type: Office/warehouse
Size: 71,000 sf, 134,000 sf
Acquired: 1988
Disposed: 1992
Summary: Acquired these properties as partial sale/leasebacks from a company with substandard credit. Proper structuring obviated financial problems when the tenant went under. The properties were re-leased and successfully sold.