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m• a '`� '- J Minnesota Real Fslale ourna/ Page 9
<br /> _ �+�{•^p' 'r ,
<br /> June 14, 1999 / g
<br /> r Y3 o- buildout of future tenants, Tankenoff
<br /> ?��r,��.�" �''�b •'� :red:
<br /> ;rTx
<br /> Hillcrest
<br /> 1 Says.
<br /> �-t,;•,�1... ��y_ � Hillcrest, which does its own con-
<br /> struction work, leasing and property
<br /> _ management,is talking with several ten-
<br /> oy 4�01e Dohmen Co.,will disclose the sale price. ants about spaces between 15,000 and
<br /> . ��ti}✓ r Also this month,Hillcrest plans to start 85,000 square feet,Tankenoff says.
<br /> a� conswction,converting the warehouse f Walsh Bishop Associates Inc. is
<br /> building to office/warehouse with high-
<br /> 4. designing UCARE's buildout. Hill-
<br /> building`? c:ice% tech office space,says Scott Tankenoff, s crest's in-house architects and Beck
<br /> UCARE°S Hillcrest managing partner. . r,..,® ® Architects are splitting the design work
<br /> Hillcrest has had a purchase agree- _ _• _ for the building's conversion.
<br /> OFFICE'LEASEsati�' ment with F. Dohmen for a year and a - . y — Tankenoff would not disclose the cost
<br /> half while the drugstore and pharmaceu- ""_°`°` --� "'
<br /> ` byFCaoss6ekl t y�i;��=Pr tical distributor orchestrated a tax- _ r•� t '`^ providing the financitn SThe projectswtll
<br /> deferred property exchange.In place of ' { _ of receive y
<br /> �r �� � - any city assistance he says.
<br /> a 2001 Kennedy (the building's interim Hillcrest owns 1
<br /> ° ' ' ~` name),F.Dohmen is buying a 160,000 / million square feet
<br /> 12 Merest.• DeveloprpenN� .had Y g
<br /> found ifs fast tenant for-:a - square foot building in Anoka Industrial _ of office, high-tech
<br /> Park.
<br /> :h8Q;001}stjtiaiefoot'cortKs}on" office, office/ware-
<br /> jtci':�n th`e late stst35V5r5tirist :;:` "It's kind of unusual that you'd be in house and heavy
<br /> Boulevafd'area�of_Noithea 1 "'=,' a purchase agreement for such a long industrial properly in
<br /> ia" �" time.But it was agreeable to us and we Minneapolis and St.
<br /> "neapolis�?Flealth Care 4:'pkavider,': g PHOTO d RENDERING COURTESY OF HILLCREST DEVELOPMENT
<br /> 4 knew we wanted the buildin Paul. The company
<br /> .UGARE MmuestTta fins stgnedr:a g' The hoto,ri ht,shows 2001 Kenn as also does chird-
<br /> rleastiwtthl�tA crest fot54�000squa: _ Tankenoff says. P 9 �Y PAY
<br /> �r UCARE, which current) occu ies it looks today and the rendering,above, management,leasing
<br /> Yeet.of affice'sp ice 111L I d+1;E Y P
<br /> $emiedy St Ttte c�mganyns'ta 36,000 square feet at Court Internation- depicts Hlllcrest's plans,including many and development
<br /> ` relocaf ttE headquae Prom al in St. Paul, decided to relocate for windows and a new entrance services for an
<br /> PaUY3n NoyeR x Nt. ��,. ?• �?�F si}, approximately
<br /> mbr CCOr more space and parking,Hudson says. 500,000 square foot MdHdsonUCAEsceySt Admitting the Northeast building isn't
<br /> much to look at today,Tankenoff says easy conversion. ix -r r• portfolio.
<br /> e7:: :T1ie' tra letrDi tfie lab s osy his company will add substantial glass y r " `
<br /> We like it because it is a large build- Tankenoff admits
<br /> wareh'otise;bu ding is scheduled to'_ and create a "garden setting" on the ing in a growing technology park area. area. buying and renousi-
<br /> `c_Ibse iliis-ruo_atlr NeitlieF'HillctESt'. below-grade level.The developer plans We have the ability o add a lot of lass feature-,❑n o 18-foot ing old industrial buildings
<br />is risky busi-
<br /> to di out ace around the round level y g 2JC i iicanedy:_atures r t ness."but we think we know how to mit-
<br /> northe;bu7ding's;wrrenkotvoer,:F.:' g P g to the building and give it some sex clear heights,four to five surface park- i ate risk:'he says."There's
<br />hi return
<br /> and install windows.The final result will appeal."he says. in spaces per 1,000 square feet,load- g Y
<br /> b `wLL� '• be ground-and first-level office space. Tankenoff categorizes the eventual g p p q and there just aren't very many people
<br /> r, y= �.�, .,�; ,•., g ing docks and drive-ins•garage space for doing what we do...it's about finding a
<br /> rL, } Buying and renovating a wide variety high-finish office product as Class A-or 30 cars. Hillcrest plans to equip the ruche and stickin g to it:'
<br /> of industrial buildings for alternative B+and compares it to the space found building with Internet-access wiring. iR
<br /> uses has become Hillcrest's niche. in Chute Cos.' Broadway Place build- The final percentage of office and
<br /> Tankenoff says 2001 Kennedy will be an ings.also located in the 1-35W-Stinson warehouse space will depend on the
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