EDINA REDEVELOPMENT MINNETONKA MULTI-FAMILY REDEVELOPMENT. Land th Street, Edina, MN PROJECT OVERVIEW

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Kathleen Phebe Todd
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1 EDINA REDEVELOPMENT th Street, Edina, MN The project consists of two office buildings that are being re-developed into 375 Class A Apartment units over two phases. Cushman & Wakefield brought together both buyer and seller and worked diligently with the City of Edina on a number of development challenges that were present on the site. 5.7 acres th St Edina, MN SALE PRICE $12,000,000 Class A multi-family development. The market was very competitive with multiple developers looking for opportunities in the immediate area. We had to work with architects, engineers and City staff on a number of development challenges (road right-of-way, land dedication, sidewalk system, storm water management, setback issues, etc.) During the approval process, The City of Edina implemented an affordable housing policy that placed tremendous pressure on the financial viability of the project. Much negotiation took place to agree to a mutual percentage of affordable units. Property is scheduled to close summer 2016 with construction commencing post-closing. MINNETONKA MULTI-FAMILY REDEVELOPMENT Wayzata Boulevard, Minnetonka, MN The project consisted of two separate properties. One parcel was a former animal hospital and the other a residential home. The area was identified as good option for an affordable multi-family development. Cushman & Wakefield was able to put together a deal to re-develop under preforming properties that were vacant at the time of re-development. N Frontage Rd %&e( 1.78 acres Wayzata Blvd Minnetonka, MN SALE PRICE $1,250,000 We worked with the City of Minnetonka on achieving zoning approvals and affordable housing approvals. The project had less than 2 acres to work with so strategic planning was required to achieve the necessary number of units. The project required a number of variances in order to maximize value and efficiencies of the development.

ARDEN HILLS Arden Hills, MN Cushman & Wakefield was hired by the land owner to dispose of this 27 acre site. We worked with the City and Buyer to modify the previously approved master plan.

We closed in 2014 in dynamic market conditions. CLIENT 27 acres Arden Hills, MN Chesapeake Companies WEST END ST. LOUIS PARK West End Boulevard, St.

2 ARDEN HILLS Arden Hills, MN Cushman & Wakefield was hired by the land owner to dispose of this 27 acre site. We worked with the City and Buyer to modify the previously approved master plan. We helped the City adjust their expectations to align with current market conditions. We executed a purchase agreement. We revised TIF and Development agreements. We closed in 2014 in dynamic market conditions. CLIENT 27 acres Arden Hills, MN Chesapeake Companies WEST END ST. LOUIS PARK West End Boulevard, St. Louis Park, MN The site was identified as a mixed-use development opportunity. Cushman & Wakefield worked through the various challenges to put together a development worth more than $150 million. 18 acres West End Blvd St. Louis Park, MN SALE PRICE $18,000,000+ We negotiated a sale with Duke Realty. We effectuated a sale of a former Chili s restaurant and Olive Garden in We closed pre-entitlement with a master developer. We achieved entitlements. Millennium Class A apartments complete. 14 acres mixed use Phase II was purchased May nd phase of the Class A apartments under construction. New hotel being constructed. Plans for 500,000+ square feet of office in place.

We assisted the developer throughout the development process, coordinating uses with the City staff and elected officials.

3 THE LEGACY OF MAPLEWOOD Maplewood, MN We identified this site as a mixed use development site owned by the Hijak family (farmers). Presented it to the developer, the Hartford Group and effectuated a Letter of Intent and Option Agreement. We assisted the developer throughout the development process, coordinating uses with the City staff and elected officials. We were able to deliver Ashley Furniture, Ramsey County Library, numerous town home developers and medical office prospects to the developer on a timely basis. DEVELOPER 90 acres Maplewood, MN The Hartford Group BLAINE PRESERVE BUSINESS PARK 95th Avenue & Interstate 35W, Blaine, MN acre site which we identified as an exceptional development site based upon other market availabilities in acres 95th Ave & I-35W Blaine, MN SALE PRICE $9,000, acres of very rare plants were sold to the DNR and will be preserved for future generations. We approached the farmer, Ernie PfanSchmitt, who owned the site for nearly 50 years, and submitted an acquisition proposal. Demonstrated to the developer, Moen Leuer, the upside potential with thisparticular property. Effectuated a purchase agreement and closed on the property. Built a speculative building and began leasing it immediately - now leased 100%. Effectuated land sales to Rasmussen College, Eagle Brook Church, and to School District 916. We have been involved in the full gamut of services - land acquisition to user sales.

ld/northmarq, ESRI, Nearmap 2015 Otter Lake Rd Land BUFFALO LAND Buffalo, MN Cushman & Wakefield worked for a private trust to sell 22.

4 ld/northmarq, ESRI, Nearmap 2015 Otter Lake Rd Land BUFFALO LAND Buffalo, MN Cushman & Wakefield worked for a private trust to sell acres to Buffalo Covenant Church acres Buffalo, MN SALE PRICE $3,138,068 The church did not need the entire site for their expansion, so ultimately we ended up selling a portion of the site to a construction office which took a significant financial burden off the church. The church was left with a very usable and manageable piece for their future expansion. This property was purchased just prior to the real estate market beginning to slip. All parties were very fortunate to close the transaction when it did and ultimately make a sale to the construction office. The values that were achieved were strong and the City, Buyer and Seller were all extremely pleased with the outcome. CENTERVILLE / LINO LAKES Highway 14 & Interstate 35E, Centerville & Lino Lakes, MN GnWX 20th Ave N Mattamy Homes Watermark Residential Development (876 units) Parcel A 23 Acres 21st Ave N Park N Ride Main St Parcel D 18 Acres Elmcrest Ave N Frenchman Rd We identified this 132 acre site as a prospective mixed use site. We feel that with the advent of the new intersection at Hwy 14 as well as the exposure to I-35E, that this site has exceptional up side. ville 20th Ave S Commerce Dr Parcel F 39.6 Acres Parcel E 35 Acres Fairview St Parcel B 15 Acres Parcel C 10 Acres W Cedar St Emmerich Homes %&c( Lino Lakes Otter Lake Rd 132 acres Hugo Centerville & Lino Lakes, MN We introduced the developer, Ryan Companies) to the land owner, Gerald Rehbein. We effectuated a long term Purchase Agreement, and are in the process pursuing end users on behalf of the developer. The developer has not yet closed on the property, but is scheduled to do so shortly after the interchange is complete and his user commitments become more solid. We feel that this mixed use site will have retail, light industrial, office and heavy industrial potential in the Centerville portion.

DAYTON LAND REDEVELOPMENT Dayton, MN Jon and his team were hired by a large national developer to acquire 200+ acres for commercial/industrial development.

Facilitate a sale and development plan with numerous property owners. Currently completing the required municipal studies AUAR (Area Wide Urban Assessment Review.

5 DAYTON LAND REDEVELOPMENT Dayton, MN Jon and his team were hired by a large national developer to acquire 200+ acres for commercial/industrial development. Numerous land owners were involved and the market became very competitive acres Dayton, MN Worked with the City of Dayton and Rogers on rezoning the land from residential to commercial. Facilitate a sale and development plan with numerous property owners. Currently completing the required municipal studies AUAR (Area Wide Urban Assessment Review.) Permitting the Business Park in 2 municipalities. The site is under contract and pending city approvals. DAYTON LAND Dayton, MN TRANSACTION 20 acres Dayton, MN Liberty Property Trust Cushman & Wakefield represented the Buyer (Liberty Property Trust) in their search for industrial land to purchase for development. Our understanding of the Dayton/Rogers/Maple Grove market allowed us to move quickly to purchase what we believe to be one of the premier sites for industrial development. The market was very competitive with numerous developers looking to acquire land. We needed to analyse numerous sites (soils, water, grading plans, etc.) in order to determine best options. We closed on the property in November 2014, construction is planned for Spring 2015.

JACKSON TOWNSHIP PROPERTY Jackson Township, MN An approximate 40 acre site was put under contract in 2008 by a prospective buyer hoping to create storage condominiums.

TRANSACTION 20 acres Jackson, MN ModSpace & Park Place Storage Cushman & Wakefield was able to put together a land lease deal with ModSpace, a large national supplier of mobile rental offices and

6 JACKSON TOWNSHIP PROPERTY Jackson Township, MN An approximate 40 acre site was put under contract in 2008 by a prospective buyer hoping to create storage condominiums. Ultimately the commercial real estate and financial markets begin sliding and as a result the need and desire for the end product softened. TRANSACTION 20 acres Jackson, MN ModSpace & Park Place Storage Cushman & Wakefield was able to put together a land lease deal with ModSpace, a large national supplier of mobile rental offices and which is a division of General Electric. This 10 year lease facilitated the purchase of the property for the principal, Paul Jorgenson. As part of the transaction, a portion of the property was donated to the DNR and the Minnesota River Valley Park System. The excess land will add a picnic/ break area for bikers and hikers. The County and the DNR were thrilled with this gift. We feel that it well provide a very nice amenity to the River Valley Park System. THE SCHILTGEN FAMILY FARM Lake Elmo, MN This parcel consists of over 200 acres and is located in Lake Elmo, MN. The family goal is to sell most of their land but keep approximately 100 acres for themselves to turn into an equestrian center. SALE PRICE 150 acres Lake Elmo, MN Confidential Numerous city and watershed meetings to quantify the deal. We needed to understand the infrastructure plan to determine what land should be sold and what land should remain family owned. The property has various uses (residential, retail, office) so the marketing efforts are vast. We are currently under contract for approximately 200 acres for single family development.

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7 Map\Brokers\LindaJohnson\NorthBranch\Workspace\NorthBranchAerialMID11x6_75.mxd man & Wakefield NorthMarq, ESRI, MNDOT, Nearmap copyright 2015 or or this graphic has been obtained from sources which we deem reliable. While every effort has been made to to report accurate data, Cushman & Wakefield/NorthMarq cannot guarantee the accuracy. e cannot assume responsibility for for any omission of of data which may occur. It It is is the responsibility of of the user to to undergo independent verification before using this graphic for for business and/or financial decisions. Falcon Ave Forest Blvd Land FORMER SADDLE CLUB Lino Lakes, MN Marketed the property for Western Bank. Worked through wetland issues, City approvals, watershed and Army Corp. of Engineers approvals. Created a competitive bidding situation. Closed on the sale of the property in a challenged economic time. 40 acres Lino Lakes, MN MIXED USE LAND North Branch, MN?öA@ North Fairview Clinic Outlet E Mall 6 Acres F 6 Acres 377th St Ecumen North Branch Tanger Dr A 24 Acres B 15 Acres C 49 Acres D 72 Acres!"`$ H 92 Acres G 95 Acres St At the commencement of our marketing efforts we immediately identified the lack of retail and grocery in the city of North Branch. We worked with a developer and Shopko to ultimately build out a successful grocery anchored center. We approached several medical users and recently finalized a Build-To-Suit with Fairview Health Group for a 17,5000 SF medical facility. We married a developer with the end-user and effectuated the deal with the land owners. Our marketing efforts continue on an ongoing basis to sell additional pad sites. 575 acres North Branch, MN

HILLTOP BUSINESS CENTER Highway 36 & Interstate 694, Oakdale, MN An approximate 12 acre site located in the southwest quadrant of Hwy 36 and I-694 in Oakdale.

Assisted the developer in lease up while during construction. Ultimately leased 100,000 sf to one high-tech company, as well as the remainder of the building to Pipeline Supply.

8 HILLTOP BUSINESS CENTER Highway 36 & Interstate 694, Oakdale, MN An approximate 12 acre site located in the southwest quadrant of Hwy 36 and I-694 in Oakdale. We identified the site as a speculative industrial site for a 124,000 sf building. Approached the developer as well as the City to achieve zoning variances to allow for office/warehouse (high tech). Assisted the developer in lease up while during construction. Ultimately leased 100,000 sf to one high-tech company, as well as the remainder of the building to Pipeline Supply. The building has been full since it was built. 12 acres Oakdale, MN WECKMAN / AMES PROPERTY Shakopee, MN 120 acres Shakopee, MN SALE PRICE $11,000,000 Cushman & Wakefield was hired by a private family company to sell a portion of the family farm so to help meet some cash flow goals. Cushman & Wakefield sold 40 acres to Ames Construction which was then later resold to the Mdewakanton Sioux Community. An additional 40 acres was sold by the private family at extremely high values and is currently being farmed and serves as a natural buffer between residential development and competing commercial uses. Both parties were extremely pleased with the outcome because of their values achieved and the ease in which the transaction progressed.

9 WOODBURY MIXED USE Woodbury, MN The Schilling family farm is a 144 acre mixed use site located along Bailey Road in Woodbury, MN. Cushman & Wakefield was hired by the family to facilitate the sale of the entire farm. Due to the nature of the guided land designation, Cushman & Wakefield had to strategically plan the various uses while playing a lead role with development. TRANSACTION 144 acres Woodbury, MN St. Therese & CIP Apartments Numerous city meetings in progress. Continuous work with engineers to facilitate planning. Various allowed uses resulting in retail, multi-family, senior and residential marketing efforts. A sale was made for 16 acres to St. Therese for a senior building (208 units). We are currently in negotiations with numerous retailers, single family and multi-family developers. COTTAGE GROVE SCHOOL DISTRICT Cottage Grove, MN Cushman & Wakefield was hired by the Seller to facilitate the potential sale of 55 acres of land. Marketed the property to a wide variety of prospects. Received offers from three buyers. Negotiated deal with School District 833 for a new Junior High School. Currently under contract, scheduled to close June acres Cottage Grove, MN

COTTAGE GROVE RESIDENTIAL Cottage Grove, MN A 61 acre property that Cushman & Wakefield was hired to sell. Cushman & Wakefield personally met with a number of prospects.

10 COTTAGE GROVE RESIDENTIAL Cottage Grove, MN A 61 acre property that Cushman & Wakefield was hired to sell. Cushman & Wakefield personally met with a number of prospects. We were able to get 5 offers for the property. Cushman & Wakefield helped underwrite each offer and prospect to determine who to contract with. Worked with the City and developer on various challenges (roads, city fees, access, etc.) Closed transaction, currently under development. 61 acres Cottage Grove, MN

HOUSE FOR RENT Interlachen Blvd Edina, MN (651)

HOUSE FOR RENT Interlachen Blvd Edina, MN (651) HOUSE FOR RENT 5207 Interlachen Blvd Edina, MN 55436 33 rd Company, Inc. Property Management www.33rdcompany.com (651) 777-5500 rentals@33rdcompany.com Property overview Welcome to this gorgeous 2 Bedroom