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Grocers, Discounters Lead Strong Retail Market

MINNEAPOLIS-Led by SuperTarget, Sam's Club and big supermarkets such as Lund, retailing is one of the area's healthiest commercial real estate sectors, is showing strong development and vacancy rates around 5.1% with 1.7 million sf absorbed.

By Jim McCartney | Updated on May 23, 2001

MINNEAPOLIS-While it wasn’t long ago that “bricks and mortar” were sneered at by e-tailers, the Internet cloud has clearly lifted from the retail stores. In fact, one of the healthiest market sectors in the Twin Cities this year is retailing.

Vacancy rates dipped at year-end to 5.1% from 6.9% in 1999, according to recent a market report by United Properties.

An impressive 1.7 million sf was space was absorbed by retailers, and a splurge in new development anchored by SuperTarget, Sam’s Club and big supermarkets, isdriving further development this year, says Mike Scott, a retail broker with Bloomington, MN-based United Properties. For instance, Lunds supermarket is anchoring Plymouth Marketplace, a 96,000-sf shopping center in Plymouth. The project, which is beingdeveloped by North American Properties and marketed by United Properties, is expected to open in June.

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