Finance and Commerce Daily Newspaper, MN articles from June 2004

Finance and Commerce Daily Newspaper, MN archives from June 2004

Brokers for Excelsior-Henderson motorcycle factory hope to kick-start deal.
June 3, 2004... Byline: Brian Johnson Looking for a good deal on a former motorcycle factory? If so, Steve Nilsson might be the man to contact. After more than two years on the market, the former Excelsior-Henderson motorcycle factory in Belle Plaine...

Unisys Bldg. deal shows strength of the single-tenant market.
June 3, 2004... Byline: Burl Gilyard The sale of the Unisys Building in Roseville for $26.08 million sends a signal that the market for single-tenant property remains strong in the Twin Cities. As office vacancy rates remain high, many investors are...

Minneapolis-based architectural firm wins award for energy-efficient house.
June 3, 2004... Byline: staff Minneapolis-based architectural firm Barbour/LaDouceur Design Group has won an award for its role in designing the Science House, a 1,476-square-foot model of an energy-efficient house at the Science Museum of Minnesota. ...

Association of Women Contractors sets annual meeting.
June 3, 2004... Byline: staff The Association of Women Contractors will hold its ninth annual meeting on Wednesday, June 30, at the Woman's Club in Minneapolis. The event, billed as a social and networking activity, will run from 5 to 9 p.m. The...

Group warns of cement shortage in Minnesota.
June 3, 2004... Byline: staff The Aggregate & Ready Mix Association of Minnesota is warning of cement shortages this summer, pointing to an improving economy and strong construction market in the United States and overseas. The group added that an...

Seminar looks at insurance issues for builders.
June 3, 2004... Byline: staff A seminar on insurance issues for contractors and design professionals will be held Friday, June 11, at Windows on Minnesota in the IDS Tower in downtown Minneapolis. Topics will be "Special Insurance Considerations in...

Groundbreaking set for Minneapolis-based Tryg's Restaurant.
June 3, 2004... Byline: staff Minneapolis-based Zeman Construction will break ground at 1 p.m. Friday on the new Tryg's Restaurant at 3118 W. Lake St., the former site of Nora's Restaurant. Nora's closed in October after doing business for 20 years at...

United Properties report says Twin Cities are 'under-retailed'.
June 3, 2004... Byline: Burl Gilyard With the office market still slow, perhaps the old real estate axiom of "location, location, location" will soon be replaced by a new mantra: "retail, retail, retail." The latest quarterly edition of the United...

Mixed-use project in St. Louis Park gets favorable reviews from neighbors, city.
June 3, 2004... Byline: Brian Johnson Big changes to an established community can be a tough sell. Residents' concerns - such as noise, traffic, parking and aesthetics - are often at odds with a developer's vision, no matter how attractive the project...

Owner of 32-story Foshay Tower in Minneapolis wants tax break and other help.
June 3, 2004... Byline: Bob Geiger Basant Kharbanda's wish list for the 32-story Foshay Tower includes cheaper steam heat and no property taxes until the 75-year-old skyscraper becomes profitable. Kharbanda acquired the historic Foshay in 1998 -...

MN Real Estate Briefs: June 3, 2004.
June 3, 2004... Byline: Brian Johnson Peter Bruce, the metro area's unofficial guru of architectural models and renderings, is bringing his latest collection of miniature buildings back to downtown Minneapolis this week with an exhibit on the skyway level...

Redtown Productions builds niche in real estate, 3 other specialties.
June 3, 2004... Byline: Bob Geiger A new Bloomington advertising agency is hoping to build a niche with smaller real estate, mortgage, investment and pest control clients, providing them with broadcast ads on a lease basis. Redtown Productions is...

State legislative session to be reviewed by Builders Assn. of Twin Cities.
June 4, 2004... Byline: staff Remi Stone, public policy director for the Builders Association of the Twin Cities, will review Minnesota's recently concluded legislative session during a June 16 lunch event at the DoubleTree Park Place in St. Louis Park....

Target Corp. May sales increase 10.6 percent.
June 4, 2004... Byline: staff Minneapolis-based Target Corp. said that its net retail sales for the four weeks ended May 29 increased 10.6 percent to $3.5 billion from $3.2 billion for the four-week period ended May 31, 2003. Comparable store sales...

Wells Fargo economist shares survey results, predicts interest rate hikes.
June 4, 2004... Byline: staff Sung Won Sohn, chief economist for Wells Fargo, released the results of his fourth biannual survey of more than 800 Minnesota businesses, which showed a sluggish outlook on business conditions, including pricing, overall...

Coming soon to Twin Cities cabs: roof-top ads.
June 5, 2004... Byline: Bob Gieger Many Twin Cities taxis will have a new look on July 1 when SAI Advertising rolls out back-lit triangular advertising signs on their roofs. Chuck Selby, president of St. Paul-based SAI Advertising, said Friday that...

DQ takes aim at frozen coffee drinks.
June 5, 2004... Byline: Bob Gieger Move over, Starbucks, Caribou and Dunn Bros. Edina-based International Dairy Queen is rolling out a line of MooLatte frozen blended coffee drinks nationwide later this month at 5,700 stores across North America. ...

National Pork Board trims list of ad agencies to five.
June 8, 2004... Byline: staff The National Pork Board has narrowed the list of ad agencies pursuing its $10 million account to five, including two Minneapolis agencies and the Chicago office of Minneapolis-based Campbell Mithun. Campbell Mithun's...

Fallon Worldwide drops bid for Georgia-Pacific ad account.
June 8, 2004... Byline: staff The New York office of Minneapolis-based Fallon Worldwide has opted not to compete for Georgia-Pacific Co.'s Brawny napkin ad account. Fallon's New York office has handled the Brawny napkin business for Atlanta-based...

Contractors, ironworkers agree to three-year deal.
June 9, 2004... Byline: staff After months of negotiations, local ironworkers and area contractors have agreed to a new three-year contract, according to the Associated General Contractors of Minnesota. Ironworkers Local #512 agreed to the contract...

Down market puts squeeze on Class B buildings.
June 10, 2004... Byline: staff writer Business remains tough in the Twin Cities office market. But prospects for Class B office space are, to quote Bruce Springsteen, "tougher than the rest." In the downtown Minneapolis business district, the Colliers...

Two men planning compact urban ballpark for MN Twins.
June 10, 2004... Byline: staff writer Five years ago, developer Bruce Lambrecht had what struck many as a crazy idea. Lambrecht is president of Investment Management Inc., which manages nearly 2,000 surface parking spaces on the western edge of...

Increasingly, local builders competing with national firms.
June 10, 2004... Byline: staff writer With near-record levels of building permits and dwelling units, the local homebuilding market is going full-steam ahead. But to the dismay of some local builders, large national firms are constructing an increasing...

Grand opening for Dancing Waters Homes set for June 19.
June 10, 2004... Byline: staff A grand opening for Dancing Waters Homes, a master-planned community in Woodbury, has been set for Saturday, June 19, from 10 a.m. to 4 p.m. The development, east of Hwys. 494/694 off Valley Creek Road, features...

Ecolab buys The Waters for $17.5 million.
June 10, 2004... Byline: staff Ecolab Inc. has purchased The Waters, a 90-acre, 481,000-square-foot corporate campus at Dodd Road and Highway 55 in Eagan, for $17.5 million. United Properties Corporate Real Estate Services represented Ecolab in the...

HTG opens Arizona office, adds two project architects.
June 10, 2004... Byline: staff Eden Prairie-based HTG Architects has opened an Arizona office and added two project architects in the Twin Cities. The firm, which has been operating for 45 years, opened its new office in Scottsdale to serve the Phoenix...

KKE Architects finalist for AIA award for internship development.
June 10, 2004... Byline: staff Minneapolis-based KKE Architects has been selected by the American Institute of Architects as a finalist for the group's 2004 Intern Development Program Outstanding Firm Award. KKE will be recognized at the institute's...

New YMCA planned at Hastings hospital complex.
June 10, 2004... Byline: staff The YMCA of Greater St. Paul plans to build an $8 million YMCA in partnership with Regina Medical Center in Hastings. The new facility will be at Pleasant Drive and West First Street on the Regina Medical Center campus. ...

MN Construction Briefs June 10, 2004.
June 10, 2004... Byline: Brian Johnson Visitors to the Minnesota Zoo in Apple Valley are getting up close and personal with the zoo's endangered Amur tigers, thanks to an award-winning design by Minneapolis-based Damon Farber Associates. Damon Farber's...

MN Real Estate Briefs June 10, 2004.
June 10, 2004... Byline: Burl Gilyard Thrivent Financial for Lutherans has unloaded a substantial chunk of industrial real estate holdings in a deal that signals a shift in the not-for-profit, Fortune 500 financial services company's investment strategy....

Tenants being recruited for Wilson Griak buildings.
June 10, 2004... Byline: Bob Geiger The offices and studios of now-closed film production firm Wilson Griak are being transformed into office and warehouse space by the limited partnership that acquired the company's two Minneapolis buildings last December...

MN braces for potential cement shortage.
June 10, 2004... Byline: Bob Geiger Expanding economies and an upswing in construction spending in the United States and abroad could contribute to increasing cement shortages throughout the 2004 construction season, according to sources in the cement and...

Minneapolis-based Fallon Worldwide loses fourth senior exec this year.
June 11, 2004... Byline: Bob Geiger In a surprise departure, David Lubars, creative head of North American operations for Minneapolis-based Fallon Worldwide, has resigned to join BBDO Worldwide New York as vice chairman and chief creative officer. ...

American Properties and Principal Real Estate Investors to purchase Calhoun Square.
June 11, 2004... Byline: staff North American Properties and Principal Real Estate Investors will purchase Calhoun Square from the partnership that owns the building. After signing an initial purchase agreement in March, North American Properties...

St. Paul-based Affinity Plus exiting indirect auto lending.
June 12, 2004... Byline: Mark Anderson Affinity Plus, one of Minnesota's fastest-growing credit unions, is turning its back on a business that provides almost 30 percent of its loan portfolio. St. Paul-based Affinity is ending the indirect lending...

MN Marketing Briefs: June 12, 2004.
June 12, 2004... Byline: Bob Geiger Minneapolis-based Fallon Worldwide got some good news after this week's resignation of lead creative executive David Lubars, learning that its New York City office has been named one of four finalists in the pitch for...

Chicago firm acquires Albert Lea auto salvage business.
June 15, 2004... Byline: Staff LKQ Corp., a Chicago-based provider of recycled automotive replacement parts, announced Monday that it has acquired Albert Lea Auto Salvage. Terms were not disclosed. Albert Lea Auto Salvage is a privately owned business...

Raymond James & Associates opens office in St. Paul.
June 16, 2004... Byline: Staff Raymond James & Associates Inc. opened a new office on Grand Avenue in St. Paul with Neil Raisanen as branch owner. Raisanen and his staff offer asset management, mutual funds, insured CDs, stocks, municipal bonds and...

Colle + McVoy in the running for Subaru's ad account.
June 16, 2004... Byline: Staff Bloomington ad agency Colle + McVoy made the first cut in the pitch for the creative portion of Subaru of America's $150 million ad account. Colle + McVoy has one current motor-vehicle ad client, recreational vehicle...

The Zimmerman Group loses low-carb pasta account.
June 16, 2004... Byline: Staff Excelsior agency The Zimmerman Group has lost the media planning and buying account for DNA Dreamfields Co.'s line of low-carbohydrate pasta to a Cincinnati firm. No budget was disclosed for the media placement portion of...

Venture capitalist's dispute with IRS results in $390,113 tax lien.
June 16, 2004... Byline: Burl Gilyard The Internal Revenue Service has filed a federal tax lien for $390,113 against Twin Cities venture capitalist and state Republican Party chair Ron Eibensteiner and his wife Laurie. Eibensteiner said that the...

Commercial real estate in the Twin Cities still looks like a winner to investors.
June 17, 2004... Byline: Mark Anderson Real estate investors may be earning less than they've grown accustomed to in recent years, but they're still eager to spend more of their money buying and financing commercial properties in the Twin Cities. ...

Construction still ranks among most dangerous jobs in Minnesota.
June 17, 2004... Byline: Brian Johnson Construction continues to rate as one of the most hazardous industries when it comes to workplace injuries, illnesses and deaths, but safety experts say the industry is generally getting better at making workplaces...

Gehl Corp. selling two industrial buildings in Owatonna.
June 17, 2004... Byline: staff Gehl Corp. has named Binswanger/CBB as its agent for the sale of two buildings on 53 acres in Owatonna. The structures, totaling 233,352 square feet, are located at 1605 County Road 45 N. Features of the one-story...

Phase II of Apple Valley's Legacy Village approved by City Council.
June 17, 2004... Byline: staff The Apple Valley City Council has approved the second phase of Legacy Village, enabling construction to begin on that segment of the 52-acre mixed-use project. Legacy Village, developed by Eden Prairie-based Hartford...

Minnesota chapter of National Assn. of Industrial and Office Properties wins three awards.
June 17, 2004... Byline: staff The Minnesota chapter of the National Association of Industrial and Office Properties won three awards from the Midwest Society of Association Executives for communications work in government relations, technology and special...

Minneapolis-based Tegra Group real estate advisory firm adds associate.
June 17, 2004... Byline: staff Dan Johnson has joined Minneapolis-based Tegra Group Inc. as an associate. Johnson, a graduate of the Carlson School of Management at the University of Minnesota, will focus on market research and financial analysis for...

Minneapolis-based Upland Real Estate Group sells two Advance Auto Parts properties.
June 17, 2004... Byline: staff Minneapolis-based Upland Real Estate Group Inc. completed the sale of two Advance Auto Parts properties, one in Minnesota and the other in North Dakota. Upland's Keith Sturm, Michael Houge and Deborah Vannelli completed...

Scott County building jail that doesn't look like one.
June 17, 2004... Byline: Brian Johnson When it came to the design of their new law enforcement center, Scott County officials were adamant about at least one thing: They didn't want it to look like a jail. Judging from the architectural drawings, the...

Economic outlook still mixed for non-residential construction.
June 17, 2004... Byline: Brian Johnson The U.S. non-residential construction industry, still struggling to gain its footing despite a burst of growth in the overall economy, will see mixed results in the coming year, according to the chief economist for...

Marketing campaign helps drive sales for Minneapolis-based Grant Park townhouse tower.
June 17, 2004... Byline: Bob Geiger The 27-story Grant Park townhouse tower is 98 percent sold more than a month before residents start moving in, which means the tower on the south fringe of downtown Minneapolis was sorely needed or that marketing was...

Condo developers interested in rehabbing old downtown Minneapolis office bldg.
June 17, 2004... Byline: burl Gilyard Dinner, a show and a new rehabbed condo? An aging Minneapolis office building in the heart of the downtown theater district is on the market, and condo developers are making overtures for the building at 730...

Two agencies find Minneapolis's Stone Arch Plaza to their liking.
June 17, 2004... Byline: Bob Geiger Housed in the 130-year-old shell of what was once the world's largest flour mill, the Stone Arch Plaza offices along the Minneapolis riverfront have new life and nearly 100 percent occupancy as a Class A commercial real...

New owner hoping to revive the Suburban World Theater in Minneapolis's Uptown.
June 17, 2004... Byline: Burl Gilyard The Suburban World Theater in the Uptown neighborhood of Minneapolis has a new owner who's talking again about reviving the glory days of the old movie house. Don Driggs bought the building at 3022 Hennepin Ave....

MN Real Estate Briefs: June 17, 2004.
June 17, 2004... Byline: Burl Gilyard A panel of industrial real estate brokers reported that the local market is starting to show signs of picking up. That was the news from the monthly gathering of the National Association of Industrial and Office...

Marketing veteran joins Petters Grop Worldwide.
June 18, 2004... Byline: staff writer A year after retiring, former Campbell Mithun Chairman and CEO Bill Dunlap is returning to work, joining a unit of Minnetonka-based Petters Group Worldwide. Petters Group announced Wednesday that the 66-year-old...

Marquette Financial Cos. continues to expand with addition of Dallas lender.
June 18, 2004... Byline: staff writer Minneapolis-based Marquette Financial Cos. is continuing its slow but steady expansion back into the financial services market for small- to mid-sized businesses, announcing Wednesday that it plans to launch a new...

Arizant Inc. to be acquired by New York-based VC firm.
June 18, 2004... Byline: staff Arizant Inc., an Eden Prairie-based medical device company, announced Thursday that it has agreed to be acquired by New York-based Citigroup Venture Capital Equity Partners. Terms have not been disclosed. CVC partner...

MN Marketing Briefs: June 19, 2004.
June 19, 2004... Byline: Bob Geiger The number of Twin Cities ad agencies competing for Subaru of America's $150 million account doubled from one to two between Wednesday and Friday - boosting to 14 the number of agencies that the Japanese car manufacturer...

Synovis Life Technologies names vice president, COO.
June 22, 2004... Byline: staff St. Paul-based Synovis Life Technologies Inc. named David Buche vice president of Synovis Life Technologies and chief operating officer of the Synovis Surgical Innovations division. In this newly created position, Buche...

Martin/Williams competes for Delta Faucet's $12M account.
June 22, 2004... Byline: staff Martin/Williams is competing for Delta Faucet Co.'s $12 million ad account. Minneapolis agency Campbell Mithun had been among the agency field until the list of semi-finalists was narrowed by Pile & Co., the Boston...

Anixter International purchases Distribution Dynamics.
June 23, 2004... Byline: staff Glenview, Ill.-based Anixter International Inc., a distributor of communication products, announced on Tuesday that it purchased Distribution Dynamics Inc. for $33 million. Eden Prairie-based DDI distributes fasteners and...

Colle + McVoy vying for Kia Motors $240M ad account.
June 23, 2004... Byline: staff Bloomington ad agency Colle + McVoy and Minneapolis agency Campbell Mithun have been invited to compete for Kia Motors America's estimated $240 million ad account. Colle + McVoy and Campbell Mithun's inclusion in Kai's...

Condo investors help fuel market.
June 24, 2004... Byline: Burl Gilyard He is canny and elusive. He's much talked about. He's hard to pin down. Depending on who you ask, he is either distorting demand in the local condo market - or he's simply got a savvy mind for the market. He is the...

Liberty Property Trust amasses Twin Cities portfolio.
June 24, 2004... Byline: Burl Gilyard Once upon a time, the name Liberty Property Trust was unknown in local real estate circles. That all changed in 1997 when the publicly traded, Philadelphia-based REIT came to town. Liberty bought a 17-property, 1.1...

LaSalle Bank steps up for Greco on 9 Mile Creek development.
June 24, 2004... Byline: Mark Anderson One of the maxims of the financial world is that relationships drive most transactions, and Greco Development demonstrated that again recently when it chose the lender for a marquee housing project that it's building...

Associated Builders and Contractors of MN sponsors legal affairs workshop.
June 24, 2004... Byline: staff Associated Builders and Contractors of Minnesota will sponsor a legal affairs workshop for building contractors on next Thursday at its headquarters at 10193 Crosstown Circle in Eden Prairie. The event - led by the...

Associated General Contractors of MN event looks at employee fraud and theft.
June 24, 2004... Byline: staff AGC of Minnesota will sponsor a presentation on Tuesday, July 13, about protecting businesses from internal fraud and theft. The event, "Employee Fraud and Theft: Identifying and Responding to White Collar Crime in Your...

Coca-Cola Bottling building facility in Owatonna.
June 24, 2004... Byline: staff Eagan-based Midwest Coca-Cola Bottling Co. broke ground last week on a $6 million sales and distribution center in Owatonna to serve the southern part of Minnesota. The 50,000-square-foot facility will be built on an...

Richfield 'Health House' open for tours this weekend.
June 24, 2004... Byline: staff People can learn what makes a home healthy and more energy-efficient during an open house in Richfield this weekend. The American Lung Association will open its Health House National Demonstration Site to the public on...

Leo A Daly names managing principal of Minneapolis office.
June 24, 2004... Byline: staff Kurt Rogness has been named vice president and managing principal of the Minneapolis office of Leo A Daly. The new hire will allow former managing principal Robert G. Egge to concentrate on building the firm's military...

Construction vet Fred Shaw named to contractor hall of fame.
June 24, 2004... Byline: staff Fred Shaw, 85, president and co-founder of the Eagan-based Shaw-Lundquist Associates Inc. construction company, has been named to the National Association for Minority Contractors Hall of Fame. Shaw, a native of Xian,...

GeigerBevolo helps make hospitals more user-friendly.
June 24, 2004... Byline: Bob Geiger The modern bank lobby has been designed to expose customers to as many promotional materials as possible for a variety of financial services. Now Minneapolis marketing design firm GeigerBevolo Inc. is thinking in the...

Mahtomedi officials liked commercial vision of Stillwater developer for Long Lake Road.
June 24, 2004... Byline: Brian Johnson When the city of Mahtomedi solicited proposals for a prime development site near Long Lake Road and Century Avenue in July 2002, all but one of the half-dozen or so developers who responded presented plans for...

Appeals court rules against former state contractors assn. official.
June 24, 2004... Byline: Brian Johnson A former Minnesota Associated Builders and Contractors official who unsuccessfully sued two other officials with ties to the Eden Prairie organization has lost a court appeal. George Hawkins, executive director of...

MN Real Estate Briefs June 24, 2004.
June 24, 2004... Byline: Burl Gilyard Minnetonka-based Opus Group is establishing a beachhead north of the border. The construction and development firm has opened an office in Toronto, Canada, and is scouting for deals. "We are looking for speculative...

Dallas firm buys out housing partner near U of MN campus.
June 24, 2004... Byline: Burl Gilyard Student housing doesn't typically get much attention in commercial real estate circles. But a local deal announced last week certainly raised a few eyebrows. The Dallas-based Phoenix Property Co. bought out its...

MN Construction Briefs June 24, 2004.
June 24, 2004... Byline: Brian Johnson West River Commons, take two, is nearing completion in south Minneapolis. The mixed-use project, developed by Minneapolis-based the Lander Group and @Home Apartments, was destroyed by fire a year ago today while...

Madison Marquette taking over Brookdale Center's leasing.
June 25, 2004... Byline: staff Madison Marquette is taking over commercial leasing at Brookdale Center, a 1.1 million-square-foot Brooklyn Center retail shopping mall. The pairing of Madison Marquette with an enclosed mall is ironic since Madison...

Arden Hills-based Deluxe completes offer for New England Business Service.
June 26, 2004... Byline: staff Arden Hills-based Deluxe Corp. on Friday completed a cash tender offer for outstanding shares of stock of New England Business Service Inc. The offer began on May 25 and ended on Thursday. Prior to the expiration of the...

Time Warner Cable reviews ad agencies for Twin Cities services.
June 26, 2004... Byline: staff Time Warner Cable is reviewing ad agencies to help introduce the cable provider's Internet-based telephone service in the Twin Cities. Stamford, Conn.-based Time Warner Cable, an arm of New York-based Time Warner Inc.,...

Veritas Marketing moves to new location in Minnetonka.
June 26, 2004... Byline: staff Veritas Marketing, an integrated marketing services company, moved its corporate offices to a 1,700-square-foot office condominium on Wayzata Boulevad. in Minnetonka. The firm, which provides marketing communications...

Dreamfields pasta introduces low-carb products to consumers.
June 26, 2004... Byline: Bob Geiger In these days of low-carb products, Miller Lite's old "Tastes great, less filling" beer advertising could be applied to a new brand of pasta. Dreamfields pasta - manufactured in North Dakota by Dakota Growers Pasta...

Northland Networks opens banking office in Las Vegas.
June 29, 2004... Byline: staff Minneapolis-based Northland Networks Inc., an affiliate of Northland Securities Inc., is opening a loan production and investment banking office in Las Vegas on Thursday. R. Kenneth Merkey, manager of the Las Vegas...