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September 20,1999 Minnesota Real EstateJournal Page 5 REPORTS be completely rehabbed. We buy with that the brick and timber building is uyEf VvpA cash on spec and try to figure out what very solid with heavy floor loads. 11 ll 11111111++11llr� to do with the property; [his one was Hillcrest also has been approached by totally on spec" other retailers who are interested in t� The Bank's store remains open, but occupying the property. "It's just the aegipres e u niche is buying Hudson Salvage has indicated it will question of what we want to do," � '� relocate and has been looking at usher Tankenoff says. buildings that need to be sites.The retailer's lease at the Bank's Tankenoff will not disclose how building ends in early January 2000. much money his company plans to bd&g completely rehabbed. We t"11look been lough t e outer space, invest in renovating the i is u s but it looks as though they can't find Meanwhile, Hillcrest is busy with buy with cash on spec and anything suitable," Tankenoff says. other renovations and acquisitions.The "They like this location and Ilse famil- company recently acquired a building at COMPANY TO INVEST t t0 re OZIt what t0 iarily,but not the format.They'd really 900 S. Sixth St.in Minneapolis and is figure like to he on one floor rather than five... repositioning it. The company has IN RENOVATION do with he property; thzs And 1 think they're experiencing some renewed leases of three of the building's slicker shock with today's lease rates." existing tenants. mneapolis-based Hillcrest ss Tankenoff says he would like to In addition,Hillcrest is in the process llevelopntent Co., which spe- one was totally on spec. retain Bank's and would accommodate of purchasing a building at 2401 Edge- cializes in acquiring old properties in —Scott Tankenoff whatever type of lease the retailer wood Ave. in S1.Louis Park, formerly desperate steed of renovation,continues in wants• occupied by Iluni-Wesson Inc."it will to carve out its niche va recently put- managing partner "We'd be happy if they want to stay. be a nice rehab,"Tankenoff says. chasing the approximately 80-year-old, flilkrest Development Co. We don't have any problems keeping And earlier this summer, Hillcrest 154,000 square fool Bank's building in them around.We could find a price that acquired a properly at 2001 N.E. northeast Minneapolis for about $1.2 they're at or close to it;'he says. Kennedy St. in Northeast Minneapolis, million. Meanwhile,the developer will begin and is converting the warehouse facili- The sale closed earlier this month. marketing the building within the next ty to office/warehouse with high-finish The seller is M.F.Bank&Co.Inc.,the week and will start sand blasting part of and hi-tech office space(MRE1,6-14- family that operated the Bank's store,a ere and represented the family to the the slut what exterior."Then we'll fig- 99). sir wolf well-established salvage retailer,for 50 Y P Y ore out what to do with ft;'Tankenoff 6 sale.Therefore,he says,the family no says,adding that the building has a tut years.The retailer is the building's sole longer had a use for the building. tenant. The building as built for a casket of reuse anything r and could commercial artist ear, the Bank family sold the g date anything from commercial artist y Y company in the 1920s and the Books lofts to high-end office space. retail business to Mississippi-based purchased the properly in the 1950s. "it would be a fantastic renovated Hudson Salvage Inc.,however,the five- "CB immediately came to us,know- building,"he says."The strongest pos- story building was not included in the ing what we do;'says Scott Tankenoff, sibility for reuse would be high-end or transaction, says Phillip Jaffe of CB Hillcrest's managing partner. Our hi-tech office space," he says, adding Richard Ellis,who marketed the prop- niche is buying buildings that need to r r� „ t. v "cMi lad rl ' 'I 6t" + I Iy, l �"��; -` J'�1''frl�'r� )t 11 G Ir�!'sataJ