Inventure Blog - Inventure Properties



At Inventure Properties, we do everything we can to ensure we find the right space for the right purpose for all of our clients. When we began working with St. Cloud Math and Science Academy, we immediately took notice of their innovative approach to education and their dedication to youth. These two elements of their school meant finding the right building was critical for them to continue fulfilling their mission. The public charter school’s STEM-based (Science, Technology, Engineering and Math) learning environment required a forward-thinking design that would allow them to grow in their space and adapt as technology evolves.

SCMSA had outgrown their current Waite Park location so a larger facility was needed. We found the perfect fit for their unique needs in a 28,000 square foot facility that had lain dormant for over two years. Water damage from burst sprinkler lines had severely damaged the interior, dumping hundreds of gallons of water through the building – and the previous owner was struggling to find a new tenant. Inventure Properties was able to create a collaboration between Boser Construction, the previous building owner, and the Academy, leading to purchase of the building, complete restoration of the facility, and a new home for The St. Cloud Math and Science Academy at 1025 18th Street North, St. Cloud, MN.

The new space offers:

  • Classroom space to serve over 300 students
  • Spacious gymnasium and cafeteria space
  • A restored parking lot, including an updated drop-off system
  • Upgraded electrical support for improved classroom technology

As a result of this restoration, the St. Cloud Math and Science Academy has increased their enrollment by over 20%, and Inventure Properties have invested additional dollars to create an effective learning facility.

At Inventure Properties, we work to place the organizations we work with in facilities that meet their immediate and long-term goals. The St. Cloud Math and Science Academy is one example of an organization seeing growth and increased long-term potential from a change in location.

St. Cloud Math and Science Academy
1025 18th Street North, St. Cloud, MN
320-774-2201
www.scmsastem.com
Facebook: @stcloudmathandscienceacademy

Inventure Properties began to help our clients focus less on non-operating activities such as building ownership, operation, and maintenance. Currently, we have a wide range of tenants in our repertoire. We’re happy to house businesses like the Youth Shelter Supply.

We recently sat down with Owner Mike Pettit and asked him a few questions about this unique business:

 

What is the Youth Shelter Supply?

The Youth Shelter Supply is a specialty retail store. We sell brands of clothing, footwear, and equipment that specialize in skateboarding, longboarding, and snowboarding. Skate and snow sports are our specialty, but we also have an awesome selection of the latest footwear and winter apparel.

 

Where did that name come from?

Our name came from the need we found in the area: we wanted to open a store that would supply the youth of Central Minnesota with a different shopping option than they can find everywhere else.

 

How long has your store been in business? How long have you been at your 5th Ave location?

We opened in 1998 and have remained successful for the last 19 years. We’ve been on campus for the last 4 years.

How has your business evolved over those years?

We basically have been the same thing from day one. We offer a unique option for shopping that can’t be found anywhere else in town. The only thing that might change is the trends of the industries we serve. Over our 20 years, we have changed slightly to match the demand of our customers.

 

What made you decide to move to downtown St. Cloud?

We’re happy to be so near the Downtown St. Cloud area, but technically we’re not downtown; were on campus. We moved near the campus of SCSU to being close to the kids that use campus and would find the most interest in our store.

 

Has your customer base and traffic changed from your last location to your current location?

Not too much, actually. We do see a bit more foot traffic than we did at the old location, which was our goal.

 

At Inventure Properties, we work to place the businesses we work with in areas that are relative to their business goals. The Youth Shelter Supply is one example of a business benefitting from a change in location and continues to drive new relationships out of the Coborn Plaza building near St. Cloud State University.

 

Contact The Youth Shelter Supply:
305 5th Ave S #100, St Cloud, MN 56301
(320) 656-7773
www.theyouthsheltersupply.com
https://www.facebook.com/youthshelter/

 

By: Anne Bretts August 17, 2017

As CEO of Minneapolis-based Diversified Credit Union for the last two years, Chris Hollon’s main focus has been to find ways to help the tiny financial company expand.

With a shade under $40 million in assets, not quite 4,000 members and its only branch in a town 50 miles from the Iowa border, Diversified offers either an impossible task or lots of room to maneuver, depending on your perspective.

Hollon made his first big move this week, unveiling plans for a new 20,000-square-foot multi-tenant office building where the credit union will serve as anchor. And while he’s scouting new locations in the highly competitive Twin Cities market, he’s testing a building prototype at that branch in Waseca, 80 miles south of the home office.

“We’re being very strategic about where we expand in the Twin Cities,” Hollon said. He’s not afraid of the competition. He has decades of banking experience in everything from Central Minnesota Credit Union to U.S. Bank.

As the only credit union in Waseca, however, Diversified has the opportunity to make a clear impact, he said.

“They do a lot of business in a tiny space,” Hollon said.

Hollon has partnered with Douglas J. Boser, president and CEO of St. Cloud-based Inventure Properties. Boser will develop the two-story office on the site of an old Godfather’s Pizza restaurant at 105 15th Ave. NE., find other tenants and lease space to the credit union. Boser acquired the site July 14 for $216,000 from B.A.R. Partnership in Spirit Lake. The price for the 1.12-acre lot works out to $192,857 per acre.

Boser estimates the total project cost at $3.2 million.

“It’s the first new Class A office building in the city in more than a decade,” Boser said. He and Hollon presented the plan to local Chamber of Commerce members Tuesday morning, while Boser took it to the City Council on Tuesday evening. The project won’t need rezoning, but it likely will need tax increment financing, Boser said.

Construction will start as soon as tenants are lined up, either later this year or early in 2018.

“It’s going to be at a site that’s very prominent and visible,” said Gary Sandholm, economic
development coordinator for the city.

The traditional office design also has drawn support. “It’s something that should make a very good  statement for the community,” he said.

The city has taken longer to get its footing after the recession than some other cities in the area, but the building should help generate some momentum, he said.

“We’re in a place where things can happen,” he said.

Hollon had planned to save money by doing a simple renovation of the 3,500-square-foot building.

“We just wanted to get the smell of pizza out of there,” he said, laughingly describing his modest plan. The goal was to give the credit union space and visibility – and its first drive-thru lane — by moving it from its current location in a small leased space in the E.M. Johnson Co. offices at 299 Johnson Ave SW., about 2 miles south of the new site.

Diversified is a traditional credit union, formed in 1930 as the Minneapolis Gas Light Credit Union to serve the employees of Minneapolis Gas Light, later Minnegasco and now CenterPoint Energy. Diversified opened in Waseca in 1988, when it took its space to serve employees of E.F. Johnson Co., later known as E.F. Johnson Technologies. Over time, E.F. Johnson moved away, but employees of other businesses in the building remained customers. The Dunwoody College of Technology in Minneapolis, the Waseca school district and other businesses were added. Today membership is open to anyone who lives, works, worships, volunteers or attends school in Anoka, Hennepin and Waseca counties.

How small is Diversified? By comparison, the largest credit union in the state, Apple Valley-based Wings Financial Credit Union, has $4.3 billion in assets and 23 locations in five states.

Hollon admits that after managing dozens of branch offices in the past, it’s an adjustment to run a credit union smaller than a single one of those branches. The personal connections are making it a good adjustment, however.

“That’s why I went into banking,” he said.

By: Anne Bretts August 3, 2017*

Developer Douglas Boser of St. Cloud-based Inventure Properties has unveiled plans for Providence One, a new $15 million, 60,000-square-foot office building at 24 Eighth Ave. S., in downtown St. Cloud, Minnesota. (Submitted photo: Inventure Properties) 

Editor’s note: Minnesota Snapshot reports interesting sales and development projects happening throughout Minnesota. The transactions are based on the certificates of real estate value filed with the state Department of Revenue, copies of which are available with the story here. Other items may come from government agendas and news releases.

While some people kick back during the summer, St. Cloud builder and developer Douglas J. Boser can’t wait to get to work.

After two decades of building Sauk Rapids-based Boser Construction Inc. into a company with 60 employees and $30 million in annual revenue, he sold it in April to focus on his passion for development, mainly in downtown St. Cloud.

“No town is great without a great downtown,” he said.

In July Boser moved his Inventure Properties to the Bensen Brothers Building, built in 1891 at 117 1/2 Fifth Ave. S. in downtown.

In his newest project, Boser plans to replace an aging one-story building at 24 Eighth Ave. S. with Providence One, a modern $15 million, three-story office building designed to fit its historic downtown surroundings. The 60,000-square-foot building’s look is inspired by the renovated warehouses in Minneapolis and St. Paul – the kind of industrial buildings St. Cloud’s downtown lacks, Boser said.

“We need the kind of buildings millennials like,” he said.

Boser doesn’t break ground until September, but already is working out design details with four tenants who will lease the whole building.

Boser is hardly a newcomer to downtown.

Boser’s $3 million restoration of the historic First National Bank Building was recently honored as one of Finance & Commerce’s Top Projects of 2016. He now is planning to do a restoration of the 505 Building, next door to the bank.

Boser, a farm boy from Pierz, has been in construction since he first picked up a hammer and became a carpenter. He has been doing development for a decade, and said he felt drawn to do more, but had responsibilities to his construction clients and employees.

“That’s a stress that never goes away,” he said.

Boser sold the business to a buyer group led by employees Ryan Cross and Dustin Vaverek. Cross, who has been with the company five years, will continue to lead day-to-day operations. Vaverek – Boser’s very first employee — is senior project manager.

Boser called the sale a perfect opportunity for everyone involved. Vaverek agrees.

“He enjoys construction, but enjoys the development a lot more,” said Vaverek, who already is the project manager for Providence One.

Boser credits Shannon Wiger and Brian Schoenborn of Springhill Capital, his frequent partners on projects, with helping spur investment in downtown, creating momentum that has kept businesses thriving despite major road construction this summer.

There is more work to be done, like Providence One, but Boser believes the area has reached critical mass.

“We’re going to make a downtown,” he said.

Boser has interests and projects beyond downtown. He’s heading to the Planning Commission this month to submit plans to develop two new office buildings in the southern part of the city.

The company also owns and manages a portfolio of 19 commercial buildings, including the ones he has restored and redeveloped.

With just a handful of employees and the freedom to juggle several projects at once, Boser isn’t feeling stressed at all.

“I have a smile on my face all the time,” he said.

 

*Article posted with permission from Finance-commerce.com.

The First National Bank of Saint Cloud was founded by James Bell and Joseph Smith in 1867. The building was built in 1889 with an expansion completed in 1918 designed to match the original building – doubling the size of the bank. It was designed by architect Charles Sedgwick and constructed by James Carlisle and Son, both of Minneapolis.

 

The Bank was added to the National Register of Historic Places on April 15, 1982. It underwent a complete restoration in partnership with the Minnesota State Historic Preservation Office and the National Park Service in 2016. The building is considered one of the best designed, best preserved, and most significant buildings in Central Minnesota, and is as impressive today as the morning it opened on September 9, 1889.

The recent restoration and facelift of First National Bank of St. Cloud has turned some heads. Finance & Commerce recognized the building as a Top Project of 2016 at the Minneapolis Events Center on July 26, 2017. The development team – led by Inventure Properties, LLC and Spring Hill Capital, LLC – has been honored to realize their vision of restoring one of St. Cloud’s most historically significant buildings back to its original place as a grand and vibrant hub of economic activity in the heart of our downtown.

This historic space is now home to Kensington Bank, Greater St. Cloud Development Corporation, St. Cloud Downtown Council, Initiative Foundation, Kensington Title, Keller Williams Realty, Kennedy and Graven law offices, Second Look Flood and Solutions Insurance Agency, and MC’s Dugout.

A special thank you to Boser Construction, Inc. who led the construction management, Kensington Bank for providing the financing, and to JLG Architects for their expertise in design. Thanks also to the Greater St. Cloud Development Corporation for their partnership, to the Stearns History Museum for their support, and to all the talented tradesman for their dedication to this legacy project.

Inventure Properties, LLC is opening a new office downtown St. Cloud. We will be located at 117 ½ 5th Ave. South in one of the area’s historic buildings.

The space, known as the Bensen Brothers Building, was built in 1891 to house John and Andrew Bensen’s thriving grocery business. In 1900, more space was added – now occupied by Brothers Bar and Grill – and was called Bensen Brothers Staple and Fancy Groceries. The following year, the Bensens added the space now occupied by Quarks Bistro on the end of the building to add hardware to their business.

Inventure Properties selected this space in downtown St. Cloud as a way to continue to demonstrate the quality and aesthetics of our development capabilities. We started this process by renovating the historic building located at 501 St. Germain Street (the old Bank of St. Cloud) and assisting tenants such as Kensington Bank and the Greater St. Cloud Development Corporation to make downtown their new home. We also wanted to set an example with our own space as to how much character is in these historic buildings and encourage others to look at downtown as a viable option for office space.

“It has been a pleasure meeting new business contacts as we created our new office space,” says Douglas J. Boser, CEO and President. “In the past few years, we have invested significantly in downtown because we believe that a strong downtown is at the heart of developing a strong community.”

After founding Boser Construction and recently transferring the company to senior management, Douglas has decided to follow his dream of creating a commercial development company focusing on catalyst projects in and around the downtown St. Cloud area and the Upper Midwest region.

Inventure currently owns and manages over 16 properties with the prospect of many new, exciting developments coming in the next few years. Inventure is focused on new ground-up development, redevelopment or sale-leaseback of existing sites and buildings.

 

For more info and highlights of our work, follow the Inventure Properties page on Facebook.

 

Franklin Ribbon Cutting

Inventure Properties with Boser Construction held a Grand Re-Opening at its property Franklin Office Center in Sauk Rapids on Thursday, June 30th. Tenants of the property co-hosted the event as well and include Wilcox Family Dentistry, Absolute Outdoor and Klimek & Kasella, Ltd. The businesses were thrilled to host Chamber Business After Hours as part of the Sauk Rapids Chamber and were delighted with the turn-out!

 

The event was held to celebrate the completion of Phase I of the project by Inventure with renovations being completed for the 1200 series building. The property consists of two buildings – the 1200 Series Building having just finished its renovations and still with one space available for lease and the 1139 Building that will be demolished and completely reconstructed as Phase II offering an additional 13-15,000 square feet of build to suit, lease back space. A ceremonial ribbon cutting also took place at the event with four different ribbons:

Franklin Ribbon Cutting - ribbon

 

Green for Wilcox Family Dentistry

Red for Absolute Outdoor

Brown for Klimek & Kasella, Ltd.

Blue for the open space and the project itself

Franklin Phase II

Phase I included office and warehouse expansion to accommodate the growing business Absolute Outdoor has experienced in its 1209 space. Additionally, Wilcox Family Dentistry has moved from its original space in the 1139 building to the 1201 space in the newly renovated building. Wilcox’s new space was completely designed and constructed to their needs offering a modern and elegant new office for continuing to serve their clients to their high standards. They will be officially opening their doors in the new space on Monday, July 11th. Klimek & Kasella, Ltd. have remained in their currently leased space in the 1139 building and we are happy to keep them as great tenants. Read more about the purpose of the event, the tenants and their thoughts here: Franklin – Grand Re-Opening Press Release.

 

Old Capital Caters Franklin event

The event was catered by Old Capital Catering with two of the items featuring products from Manea’s Meats. The group was excited about keeping business local and couldn’t have been happier with their work. Menu items included Bacon and Cheddar Sliders, Mini Wild Rice Brats and Mini Chicken Tacos all with a delicious side of 3 Bean Ragout. Old Capital also catered in a bar providing all refreshments for the event.

 

Franklin Madelyn Jason Adamski Douglas J BoserSauk Rapids Fire Dept Madelyn Adamski Franklin

Special guests Jason and Madelyn Adamski attended the event at the invitation from Douglas J. Boser to help raise awareness to the fundraiser Madelyn has been leading for the Sauk Rapids Fire Department with the goal of obtaining a fire rescue boat. Read more about Madelyn’s great leading force here and to learn more or donate to the cause click here.

Franklin Center Exterior Fascade

 

As mentioned before, we do have one space still available in the 1200 series building (on the left in above image) where the event was held – 1205 Franklin Avenue, Sauk Rapids. Additionally, we are already taking reservations for the new upcoming 1139 building (on the right in above image). Please feel free to contact us here or Sheila DeVine with Warnert Commercial Real Estate, LLC at (320) 492-3230 or sdevine@warnert.com, or visit their website.

 

Franklin Avenue Office Center Rendering

On June 30th, our team at Inventure Properties will be hosting the Sauk Rapids Chamber’s Business After Hours Event alongside Boser Construction, Inc. with co-hosts Absolute Outdoor and Klimek & Kasella, Ltd. at the Franklin Avenue Office Center from 4:30 – 6:30 p.m. Recently, Lee of Inventure and Doug and Sarah of Boser sat down with WJON to discuss the upcoming development and construction of the 1139 building (Phase II) on the property and the excitement behind the Grand Re-Opening of the 1200 series building (Phase I) which holds a brand new space designed for tenant Wilcox Family Dentistry. The event will be hosted out of 1205 Franklin Avenue NE, Sauk Rapids between Absolute Outdoor and Wilcox Family Dentistry with tours of both spaces. Listen below to find out more about Inventure, Boser, and the entire event.