The Best (And Busiest) Local Commercial Real Estate Brokers
Who are the best and busiest commercial real estate brokers in the Twin Cities? Twin Cities Business magazine took on the question.
For an industry built on numbers, it quickly became clear that many brokerage firms were somewhat wary of sharing too much information. But many firms did offer details about their best-performing local brokers, based on numbers for deals done in 2013.
Our inaugural list tallies brokers in leasing categories for office, industrial and retail by total square feet leased. The investment sales category ranks brokers by the total sales volume. Our list offers a strong picture of the industry’s top dealmakers.
The Twin Cities’ brokerage business is dominated by three large players—the local office of Los Angeles-based CBRE, the world’s largest commercial real estate services company; Bloomington-based Cushman & Wakefield/NorthMarq; and the local affiliate of Colliers International.
In many ways, the commercial real estate industry reflects the increasing globalization of business in general. Companies doing business on a worldwide scale want brokers with global reach and partners.
Sometimes local players aren’t involved in some of the larger deals. For example, the $253 million sale of the iconic IDS Center in the spring of 2013 was brokered by the Chicago office of Pittsburgh-based HFF Inc.
But at the street level, real estate remains a relentlessly local business. Someone in New York doesn’t necessarily know the difference between Bloomington and Blaine. Local experts with their ears to the ground know the intricacies of the local market best.
One example: Veteran office broker Russ Nelson and his team at the boutique tenant representation firm of Nelson, Tietz & Hoye often are connected to some of the biggest deals in town. Nelson recently represented the Minneapolis-based Star Tribune in the sale of five blocks of land in downtown Minneapolis and the Star Tribune’s lease for new space at Capella Tower.
While those deals closed in 2014 and aren’t reflected in our list, they underscore the value of being connected and knowing the local market.
The industrial market is rebounding strongly. Developers are busy chasing speculative projects without any committed tenants lined up; but those risks are paying off. In one key deal in Roseville, the CBRE team of John Ryden and Matt Oelschlager inked a deal with St. Jude Medical to lease an entire brand-new building just weeks before construction was completed.
When the economy was at its bleakest, the retail landscape was littered with stores left empty by retailers either going bankrupt or closing underperforming stores. Today, many of those empty spaces have been leased up.
Two notable retailers making inroads in the Twin Cities are Hobby Lobby, represented locally by Bob Minks of Colliers International, and Total Wine & More, handled by Chris Simmons, also of Colliers. Both retailers are opening local stores and looking to add more.
During the weak economy of 2009 and 2010, many brokers spent a lot of time staring out their windows, wondering when a recovery would unfold. Commercial real estate is a commission business: If brokers are not doing deals, they aren’t making any money.
But across the marketplace today, most brokers are busier and feeling better.
“It was real active last year,” says Jim Damiani, a veteran office broker with Colliers International. “Downtown Minneapolis is vibrant right now with all of the activity.”
Deal traffic is generally up. Office tenants are looking at new spaces, industrial tenants are expanding and new retailers are entering the Twin Cities with store openings. Investment sales of properties also have been brisk.
Who are the best and the busiest local brokers? Find out by taking a look at the Twin Cities Business list.
Office: Top-Ranked Brokers by Total Square Footage Leases
Brokers: Kurt Knoff/Brandon Megal/John Ferlita/Emily Nicoll
Company: CBRE
Total deals 2013: 2.9 million square feet
Biggest deal: Emerson Process Management, 6021 Broadband Blvd., Shakopee, 505,000 square feet
Project outcome: Represented Emerson to purchase the former ADC building that had never been occupied
Broker since: Knoff (1983)/Megal (1999)/Ferlita (1996)/Nicoll (2003)
Quote: “This large facility was purchased at approximately 20 percent of the replacement cost. The city and county incentives were also a major factor in the deal.” — Kurt Knoff
Broker: Chris Rohrer
Company: JLL
Total deals 2013: 2.4 million square feet
Biggest deal: Olympus Surgical Technologies, Brooklyn Park, 280,000 square feet
Project outcome: Lease negotiation for consolidation of five locations into one international headquarters and innovation center
Broker since: 2000
Quote: “Delivering the solution Olympus needed in a tight delivery timeframe while managing the inherent complexities of a global decision process was key to our success in this assignment.”
Broker: Tad Jellison
Company: JLL
Total deals 2013: 2.3 million square feet
Biggest deal: Wells Fargo, Wells Fargo Center, Minneapolis, 451,000 square feet
Project outcome: Lease restructure and consolidation project
Broker since: 2000
Quote: “The multi-phased approach to this complete lease consolidation created flexibility and set the stage for Wells Fargo’s ability to realize long-term expansion and relocation.”
Broker: Brian Ginkel
Company: JLL
Total deals 2013: 2.1 million square feet
Biggest deal: Olympus Surgical Technologies, Brooklyn Park, 280,000 square feet
Project outcome: Lease negotiation for consolidation of five locations into one international headquarters and innovation center
Broker since: 2002
Quote: “Combining strategic consulting, brokerage and our national incentives practice was critical to developing a long-range real estate strategy that aligned with the global business plan for Olympus.”
Brokers: Mark McCary/Paige Rickert
Company: CBRE
Total deals 2013: 1.8 million square feet
Biggest deal: Schwegman, Lundberg & Woessner, TCF Tower, Minneapolis, 42,434 square feet
Project outcome: Lease renewal for the law firm
Broker since: McCary (1985)/Rickert (1991)
Quote: “Schwegman was completed in large part because the landlord had already invested a significant amount of money in upgrading the amenities and look of the office building, which satisfied some important needs for the law firm.” — Mark McCary
Broker: John Lorence
Company: JLL
Total deals 2013: 1.7 million square feet
Biggest deal: Wells Fargo, Wells Fargo Center, Minneapolis, 451,000 square feet
Project outcome: Lease restructure and consolidation project
Broker since: 2006
Broker: Jim Damiani
Company: Colliers International
Total deals 2013: 1.2 million square feet
Biggest deal: Dorsey & Whitney, Minneapolis, 244,000 square feet
Project outcome: Renewal of law firm headquarters lease
Broker since: 1994
Brokers: Nils Snyder/Michael Doyle
Company: Colliers International
Total deals 2013: 949,000
Biggest deal: Dorsey & Whitney, Minneapolis, 244,000 square feet
Project outcome: Law firm headquarters lease renewal
Broker since: Snyder (1999)/Doyle (2007)
Broker: Doug Fulton
Company: Cushman & Wakefield/NorthMarq
Total deals 2013: 926,000 square feet
Biggest deal: Polaris, Plymouth Corporate Center, 46,000 square feet
Project outcome: Expansion office space for Polaris
Broker since: 1991
Broker: Dan Gleason
Company: Cushman & Wakefield/NorthMarq
Total deals 2013: 836,000 square feet
Biggest deal: US Bank Financial Center, Bloomington, 85,000 square feet
Project outcome: Represented landlord in US Bank lease renewal
Broker since: 1993
Broker: Paul Donovan
Company: Cushman & Wakefield/NorthMarq
Total deals 2013: 826,000 square feet
Biggest deal: Odyssey Academy, Brooklyn Center, 50,000 square feet
Project outcome: New lease for charter school in connection with sale and upgrade of property
Broker since: 2002
Broker: Shannon Reilly
Company: Frauenshuh Commercial Real Estate Group
Total deals 2013: 695,000 square feet
Biggest deal: Started implementing a strategic real estate plan, multiple Twin Cities sites, more than 400,000 square feet
Project outcome: First phase included purchase of the former 100,000-square-foot Neiman Marcus building, Minneapolis, for renovation to house CenterPoint Energy’s headquarters
Broker since: 1987
Broker: Mike Perkins
Company: Colliers International
Total deals 2013: 694,000 square feet
Biggest deal: Oracle, Oracle Centre, Minneapolis, 176,000 square feet
Project outcome: Renewal and expansion for IT firm with large regional presence
Broker since: 1985
Broker: Brian Woolsey
Company: Cassidy Turley
Total deals 2013: 588,000 square feet
Biggest deal: US Bank; deals at US Bank Financial Center, Bloomington, and Best Buy campus, Richfield, 185,000 square feet
Project outcome: Renewal, expansion for the bank
Broker since: 2003
Brokers: Russ Nelson/Tina Hoye/Anna Coskran
Company: Nelson, Tietz & Hoye
Total deals 2013: 540,000 square feet
Biggest deal: Xcel Energy, Minneapolis, 215,000 square feet
Project outcome: Lease deal for new office building to be built on Nicollet Mall
Broker since: Nelson (1980)/Hoye (1985)/Coskran (1998)
Industrial: Top-Ranked Brokers by Total Square Footage Leases
Brokers: John Ryden/Matt Oelschlager
Company: CBRE
Total deals 2013: 2.2 million square feet
Biggest deal: St. Jude Medical, Roseville, 185,000 square feet
Project outcome: St. Jude fully leased brand-new spec distribution building, Midtown Business Center
Broker since: Ryden (1985)/Oelschlager (1999)
Quote: “They signed the lease just weeks before the building was completed.” –John Ryden
Broker: Bill Ritter
Company: Colliers International
Total deals 2013: 2 million square feet
Biggest deal: First Park Lakeville Distribution Center, Lakeville, 119,328 square feet
Project outcome: Strategic Warehousing LLC agreed to a short-term lease
Broker since: 1983
Brokers: Jon Yanta/Jason Meyer/Kris Smeltzer/Brent Masica/Hudson Brothen
Company: Cushman & Wakefield/NorthMarq
Total deals 2013: 1.6 million square feet
Biggest deal: Berkshire Business Center, Plymouth, 120,000 square feet combined in new leases
Project outcome: New leases filled up 245,000-square-foot property
Broker since: Yanta (1986)/Meyer (1994)/Smeltzer (2002)/Masica (2006)/Brothen (2009)
Broker: Ted Carlson
Company: Carlson Commercial
Total deals 2013: 1.55 million square feet
Biggest deal: The Sportsman’s Guide, South St. Paul and Inver Grove Heights, 598,000 square feet
Project outcome: Expansion and renewal of existing headquarters and distribution facilities
Broker since: 1999
Quote: “We had put together a long-term strategy. Our current landlords cut us very good deals.”
Broker: Eric Batiza
Company: Colliers International
Total deals 2013: 1.15 million square feet
Biggest deal: Trane U.S., St. Paul, 37,000 square feet >Project outcome: Lease renewal with about 24,000 square feet of office space and about half of that amount in warehouse and showroom space across the street
Broker since: 2002
Quote: “The Trane U.S. deal wasn’t the largest transaction we completed in 2013, but was significant in that the deal retained a key tenant occupying two high-visibility buildings within the portfolio on a long-term basis.”
Broker: Brian Doyle
Company: Colliers International
Total deals 2013: 1.15 million square feet Biggest deal: MSP Midway Industrial Park No. 18, St. Paul, 100,817 square feet
Project outcome: Lincoln Trading agreed to a six-year lease renewal
Broker since: 1987
Broker: Paul Bickford
Company: Colliers International
Total deals 2013: 1.1 million square feet
Biggest deal: Citrus Systems, 415 11th Ave., Hopkins, 132,308 square feet
Project outcome: New lease for a manufacturer of packaged fruit juices
Broker since: 1986
Brokers: Tom Simon/Sandy Barin
Company: CBRE
Total deals 2013: 1 million square feet
Biggest deal: 2864 Eagandale Boulevard, Eagan, 335,174 square feet
Project outcome: New industrial lease project
Broker since: Barin (2002)/Simon (1985)
Broker: Mark Sims
Company: Cassidy Turley
Total deals 2013: 927,000 square feet
Biggest deal: Centerpoint Energy/Centerpoint Building, 375 Rivertown Dr., Woodbury, 195,757 square feet
Project outcome: General office warehouse use
Broker since: 1990
Broker: Rob Brass
Company: Colliers International
Total deals 2013: 907,860 square feet
Biggest deal: 14850 & 14851 Deveau Place, Minnetonka, about 75,000 square feet
Project outcome: Renewal lease for St. Jude Medical
Broker since: 2004
Retail: Top-Ranked Brokers by Total Square Footage Leases
Broker: Chris Simmons
Company: Colliers International
Total deals 2013: 363,000 square feet
Biggest deal: Total Wine & More, Roseville, 30,000 square feet
Project outcome: First local store for national spirits retailer
Broker since: 1995
Quote: “Roseville has been a very successful store and my client is very happy.”
Broker: Bob Minks
Company: Colliers International
Total deals 2013: 232,000 square feet
Biggest deal: Hobby Lobby, Woodbury, 49,000 square feet
Project outcome: First local store for national hobby retailer
Broker since: 1982
Quote: “They want to open 12 to 15 stores in the metro.”
Broker: Jennifer Pelant
Company: Cassidy Turley
Total deals 2013: 224,000 square feet
Biggest deal: Hobby Lobby, 9895 Hudson Place, Woodbury, 49,406 square feet
Project outcome: New lease for Hobby Lobby, an arts and crafts store
Broker since: 2006
Quote: “The market had recovered substantially to provide strength and desirability to the Woodbury area, which allowed the tenant to see our real estate as a great first-to-market store.”
Brokers: Stefanie Meyer/Johnny Reimann
Company: Mid-America Real Estate-Minnesota
Total deals 2013: 220,000 square feet
Biggest deal: Marshall’s, Bloomington, 26,198 square feet
Project outcome: New location for retailer after leaving Southdale store in Edina
Broker since: Meyer (1995)/Reimann (2008)
Quote: “Retailers are spending much more time strategizing, relocating and right-sizing.” — Stefanie Meyer
Broker: Jen Helm
Company: Cushman & Wakefield/NorthMarq
Total deals 2013: 109,000 square feet
Biggest deal: Victory Village, Blaine, more than 10,000 square feet
Project outcome: Building was fully leased at the start of construction and it created over $4 million in value at $375 per square foot
Broker since: 2000
Quote: “In retail, size doesn’t always matter. There is a significant amount of value that can be created by adding a small-shop retail building in the parking lot of a grocery-anchored site.”
Brokers: Tom Holtz/Steve Buss/Ryan Watts
Company: CBRE
Total deals 2013: $502 million
Biggest deal: Two buildings at Excelsior Crossings, Hopkins, $122.8 million
Project outcome: Cargill-leased office buildings sold to real estate investment trust
Broker since: Holtz (1979), Buss (2000), Watts (2000)
Quote: “Those are some of the better quality suburban office buildings we had in the whole market.” — Steve Buss
Brokers: Terry Kingston/Tom O’Brien/Scott Pollock/Pete Rand
Company: Cushman & Wakefield/NorthMarq
Total deals 2013: $358.4 million
Biggest deal: RBC Plaza, Minneapolis, $126.5 million
Project outcome: Prime downtown office building sold to new owners who are updating property
Broker since: Kingston (1980)/O’Brien (1991)/Pollock (1989)/Rand (1975)
Broker: Mark Kolsrud
Company: Colliers International
Total deals 2013: $155 million
Biggest deal: Four-building portfolio, $37.2 million, including Boatworks building in Wayzata
Project outcome: Former group of properties owned by Jerry Trooien sold to four new owners
Broker since: 1985
Quote: “It’s a portfolio that we broke up. The key part was determining where the upside was.”
Brokers: Eric Bjelland/Leah Maurer
Company: Cushman & Wakefield/NorthMarq
Total deals 2013: $69.8 million
Biggest deal: Oakdale Village, Oakdale, $34 million
Project outcome: Retail center sold to new Canadian owners
Broker since: Bjelland (1988)/Maurer (2003)
Quote: “Factors for the deal were the turn-around at Best Buy and investors gravitating toward power centers with tenants that survived the Great Recession.”—Eric Bjelland
Brokers: Keith Sturm/Deborah Vannelli
Company: Upland Real Estate Group
Total deals 2013: $55 million
Biggest deal: Gander Mountain, Eden Prairie, $18.6 million
Project outcome: Eden Prairie store, opened in 2007, sold to new owners
Broker since: Sturm (1986)/Vannelli (1996)
Quote: “The Eden Prairie Gander Mountain was sold to a 1031 investor from Napa Valley, California that was in the wine business. Upland’s team approach to selling net leased investment properties and our ability to reach National 1031 exchange investors was the key factor in selling this trophy property.” — Keith Sturm (Section 1031 of the tax code allows investors to defer capital gains.)
The Numbers
Statistics provided to Twin Cities Business by CBRE, Cushman & Wakefield/NorthMarq, Colliers International, Cassidy Turley, JLL, Carlson Commercial, Upland Real Estate Group, Frauenshuh Commercial Real Estate Group, Mid-America Real Estate-Minnesota and Nelson, Tietz & Hoye.
