Cassidy Turley – Real Estate Matters
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Cassidy Turley

Commercial Real Estate, Office Real Estate

Minneapolis Unemployment Rate Lowest in the Nation Among Large Metros

The most recent Bureau of Labor Statistics unemployment numbers pegs the Twin Cities’ as the lowest rate in the nation among metros of 1,000,000 people or more. At 4.7% in the May figures, Minneapolis-St. Paul beat out previous-best Oklahoma City. Seattle, Austin, and Birmingham round out the top 5, all at 5.5% unemployment or less. The news led Slate correspondent Matthew Yglesias to repeat his proclamation that “you should move to Minneapolis,” due to its combination of high wages and low cost of living.

The BLS study follows a job report by Cassidy Turley which ranked the Twin Cities as the ninth best job growth market between 2012 and 2013. Between February ’12 and ’13, the Twin Cities added over Continue Reading

Industry News, Property Management, Real Estate Programs

Who’s Who in Twin Cities’ Property Management

This post was written by Dan Jackson, a 2012 UST MBA graduate.

As I reflect on the many courses taken during my time at the University of St. Thomas, I wanted to use this post to reflect on one of my first experiences in the program.  REAL 600: Real Estate Decision Making is a course within the MSRE program designed to introduce students to the key concepts related to the world of real estate.  This was an important course for me as it laid the foundation for what I could expect in the remaining real estate courses that I would take here on campus.  In the course, students learn the components that go into how to value a property, what legal issues should be considered when dealing with a property, the steps towards completing a market analysis, as well as the introductory components of the time value of money and its importance in real estate.  Students also gain brief exposure into the world of property management.

The text that we used during the course, Real Estate Principles, A Value Approach, provided good insight into the key roles and responsibilities of a property manager.  The book

Real Estate Principles by David Ling and Wayne Archer
Photo credit: Google

explains that property managers are in charge of the day-to-day operations of a property.  Typical functions include marketing the property to prospective tenants, selecting tenants, signing leases, collecting rent, maintaining the property, complying with all applicable landlord-tenant laws, maintaining tenant relations and communicating with the property owner.  While this book definition provided great introductory knowledge, I find it very useful and enjoyable when I can apply textbook knowledge to a real world scenario.  I was excited to learn more about companies here in the Twin Cities that perform these types of activities on a daily basis.

The Twin Cities Business Journal recently released the 2012 Book of Lists, highlighting the top companies within various industries (including real estate) in the Twin Cities metro area.  The online version of the Business Journal featured the top 5 Property Management Companies – the full list of 25 Top Companies requires online membership.

The rankings of these companies were completed using the Gross Leasable Area of the properties that each company managed.   While the list highlights these companies’ accomplishments with property management, many of these companies offer a broad and wide selection of real estate services.  The following list below reveals the top 5 commercial property management companies and provides a brief overview of what they do (adapted from each of their websites).  The list provides a good starting point for any student who wishes to further explore the world of property management. Continue Reading

Commercial Real Estate, Executive Insight Series, Industry News, Real Estate Trends, Retail Real Estate, Uncategorized

Building Value with Distressed Commercial Properties

Please join us for the final Executive Insight Series event for 2011 on Tuesday, December 6th, with Mark Moorhouse of Dominium.

Mark Reiling, Senior Vice President and Principal of Cassidy Turley, spoke at UST shortly after the NAIOP 2011 Office Market Report event last Tuesday.  Here are some highlights from the NAIOP Meeting:

  • The Twin Cities office market is stableNAIOP_Nov_Program_skyline_www.
  • Assets performing well include class A properties in the Western suburbs and Downtown Minneapolis.
  • Slight rent growth can be anticipated in Downtown Minneapolis.  No rent growth is forecasted for office space anywhere else in the Twin Cities.
  • Class B buildings will need to be repositioned to remain competitive.

In Reiling’s talk, he highlighted several examples of distressed commercial properties that have been purchased by investors and repositioned successfully.  Examples include:

Eagan Promenade: This former Ethan Allen store was purchased by developer Stonehenge who reduced the size of the building and repositioned it to capture $30 PSF net rents.  Stonehenge sold the building for $336 PSF, netting profits estimated at $1 million.

Eagan Promenade

Eagan Promenade was successfully redeveloped and sold by Stonehenge in 2010.

Continue Reading

Executive Insight Series, Uncategorized

Mark Reiling of Cassidy Turley to speak on Tuesday, November 15th

With over 186 million square feet of multi-tenant office and industrial space, a diverse economic base, and the highest number of Fortune

Mark Reiling, Senior Vice President and Principal, Cassidy Turley

Mark Reiling, Senior Vice President and Principal, Cassidy Turley

500 companies per capita, the Twin Cities offers significant opportunities in the commercial real estate market.  Explore the challenges and opportunities in the commercial real estate investment market with Mark Reiling, Senior Vice President and Principal of Cassidy Turley.

During his 30 year career, Reiling has been involved in nearly every aspect of commercial real estate including brokerage, consultation, expert witness testimony, selling and leasing commercial properties, asset management, investor reporting, construction and permanent financing, market research, development, historic renovation and syndication. He has been an advisor to private and institutional investment property owners for their asset management plans and disposition strategies.

Reiling served as president of Colliers Towle Real Estate, one of Cassidy Turley’s predecessor companies, from 1987 to 2002. Operations included brokerage, property and facility management, appraisal, research and consulting services, and mortgage banking prior to 1994. Reiling started The Towle Report in 1984, the first comprehensive real estate report on the Minneapolis-St. Paul market. He continues to provide content to the report, now the Cassidy Turley Minneapolis Research Report. While serving as president of Towle Properties Inc. from 1983 to 1987, Reiling started the real estate investment company which has acquired, removed, and/or developed over $200 million of land, office, industrial, parking, housing and retail properties.

The Real Estate Executive Insights Series is presented by the Opus College of Business MSRE program. This series invites speakers from the real estate industry to provide valuable information and discussion about hot topics and current trends. This is a free program and is open to the public.  Please register here to attend this event.

Commercial Lending, Commercial Real Estate, Minnesota Real Estate Hall of Fame, Upcoming Industry Events

William Reiling – Member of the Minnesota Real Estate Hall of Fame

The Minnesota Real Estate Hall of Fame was established by the Shenehon Center for Real Estate at the University of St. Thomas Opus College of Business to honor leaders in the local real estate community.  As we begin taking nominations for the 2011 Minnesota Real Estate Hall of Fame, we wanted to introduce you to the esteemed group of current Minnesota Hall of Fame members.  Meet William Reiling, 2010 Minnesota Real Estate Hall of Fame Inductee.

William Reiling
In the real estate industry, Mr. William Reiling is known for his energy, enthusiasm and integrity.  His early life as a poor farm kid has given him a unique perspective that is evident in his business dealings today. 

Temporarily leaving the world of commercial banking in 1973, Mr. Reiling became president and co-owner of Towle Real Estate Company.  Under his leadership, the firm posted solid and profitable growth throughout the 1970s and early 1980s.  During this time, Towle expanded its property management business outside of the Twin Cities to include offices in Tulsa, Cedar Rapids, Denver, Des Moines and Eau Claire.  With many companies expanding to multiple locations nationwide, Towle began to provide services over larger geographic areas.  To meet this need, the company founded American Realty Services Group with two other firms: F.C. Tucker in Indianapolis and Turley Martin in St. Louis.  This group eventually became known as Colliers International.  Continue Reading