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Augrst 2,2013 linneapolis/St.Paul Business Journal I mspbj.com 9
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<br /> box'retailers like T.J.Maxx and Total Wine&More—who are getting much interest today,"Palmquist said."The sites that are LOOKING FOR SPACE
<br /> looking to enter the market or expand here.The Twin Cities're- receiving the most attention are good-quality sites that are well-
<br /> tail vacancy rate dipped below 8 percent during the first half of located on well-traveled roads." A sampling of retailers who are actively opening stores or seeking
<br /> 2013,the lowest level since early 2007. CSM's Central Park Commons fits that model.It's located at new locations.
<br /> "The active tenants out there are just that the busy intersection of Yankee Doodle and Pilot Knob roads,
<br /> —active," Sims said."They're not just dip- and Eagan has pent-up demand for additional retail space. BIG-BOX RETAIL SMALLER SHOPS
<br /> ping their toe in.If they're here,they're here Eagan,though,may be as far out as developers are willing to Wal-Mart Mattress Firm
<br /> to do deals." go now.Outer-ring power centers that were built just as the re- Vitamin Shoppe
<br /> Deals, however, are often slow moving cession hit are still struggling to fill the space. SPECIALTY GROCERY Massage Envy
<br /> because they're under more scrutiny than Ryan Cos. only recently filled up its Target-anchored devel- Whole Foods
<br /> in the past.And many more people have to opments in Apple Valley and Otsego, and it's still working on Trader Joe's RESTAURANTS
<br /> sign off on agreements. The Grove on the northern edge of Maple Grove.Those projects Lunds Popeye's
<br /> "Ops — the guys who actually run the were well-planned,but fell victim to the recession,Schoening Aldi Chick-fil-A
<br /> stores — has a much bigger say in new Sims said. Punch Pizza
<br /> stores,"Sims said."There was a day in the "We've continued to work through them and,in some cases, JUNIOR BOXES Pizza Ranch
<br /> industry when ops was a dirty word.You never had anyone we're nearly finished with them now,"he said,noting that they Cabela's Which Wch
<br /> from ops weigh in.And that's not tenant-specific. I hear that typically attract a different group of tenants than the new,urban TJ Maxx Jersey Mike's
<br /> from every retailer we work with.`We have to get ops to look projects."They took longer to absorb,but through some hard Marshalls Firehouse Subs
<br /> at this.'" work and good locations,they're filling up." Total Wine&More Yogurt Lab
<br /> Schoening expects retail development to eventually push fur- Bed Bath&Beyond Cherry Berry
<br /> The donut gets smaller ther out into the suburbs,though he concedes that could take Goodwill Orange Leaf
<br /> The vast majority of activity is in-fill development in strong, a while. L.A.Fitness
<br /> dense parts of the Twin Cities core.That's where retailers want "As the economy gets stronger and single-family homebuild-
<br /> to be when they enter the market, and vacancies are particu- ing continues to gain its footing,there just isn't enough room in
<br /> larly scarce in those trade areas. the urban centers and the first-ring suburbs to accommodate finish up.And,of course,the next phase then would be that new
<br /> "There exists a shrinking of the donut,meaning the sites that more dwelling units," he said. "So eventually—though it's a ones get started."
<br /> are available in the third-and fourth-tier suburbs—that may ways out yet—some of those communities will begin to grow
<br /> have been on people's radar screens 10 or 1L years ago—arent again,and the centers that were started,then sort of stalled,vvill jvomhof@bizjournals.com i(612)288-2101
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