About Us - Commercial

Ted Glasrud Associates, LLC. and its corporate affiliates are a highly successful commercial and residential Real Estate Development and Property Management firm with its corporate offices located in Roseville, Minnesota. Founded in 1971 by Theodore Glasrud, Ted Glasrud Associates MN, LLC. and it’s corporate affiliates (collectively the “Companies”) have established an impressive track record in the development, design, construction, management and marketing of commercial and residential properties located in the states of Minnesota, Florida and Iowa. See History Tab.

Since their beginning as land developers and developers of single and multi-family housing, the companies have diversified their business by developing high rise residential/commercial condominiums, office buildings, office/warehouses, retail centers and the redevelopment of distressed properties. The Companies employ approximately 75 employees in Minnesota and Florida, and currently owns and manages a portfolio consisting of approximately 600 residential apartment units and 1,500,000 square feet of commercial space. Together, the Companies have designed, developed, and constructed over 700 million dollars of commercial and residential properties.

In 1972, the Companies developed their first large scale project called Grand Pre’ East Apartments a 250 unit apartment complex, which is still part of our portfolio even today. From that point the portfolio of the Companies started to expand and diversify, developing over 5000 residential units and numerous commercial spaces.

In 1977, the Companies developed the very first condominium in Hennepin County, Minnesota. This project called 1200 on the Mall, in Minneapolis, Minnesota, was a 120 residential project with 10,000 square feet of commercial space. Starting with this project the Companies developed many condominium projects in Minnesota, Iowa and Florida. The Companies also started General Mortgage Corporation to be able to provide financing for the purchase of the condominiums.

In 1982, the Companies started their first project in the State of Florida, Presidential Golfview. This project, located in West Palm Beach, was a 320 unit residential condominium conversion and started our on going real estate investments in that market.

In 1984, the companies became involved in the Des Moines, Iowa market and constructed the first high rise condominium project in that community. This building is a 25 story building with 214 residential units and 63,000 square feet of commercial space and is one of the most prominent buildings in the downtown area.

In 1988, the Companies opened Executive Suites, the first extended stay hotel in downtown Minneapolis. Executive Suites served a number of Fortune 500 companies in Minneapolis by providing distinctive lodging for their visiting executives. Later when the extended stay hotel market became saturated the project was converted and sold as City Heights Condominiums at Centre Village.

Looking for new means of investment and challenge, the Companies in 1990 purchased International Savings Bank, F.S.B. in International Falls, Minnesota. The Companies expanded operations by adding branch banks in Minneapolis and Florida. The bank was highly profitable and was sold in 1993 to a group of private investors.

Also in 1993, the Companies increased their presence in the Florida market by purchasing The Cloisters Retirement Community of Deland, an unfinished assisted living facility. Completed in 1994, The Cloisters was redesigned to create a luxurious gated community retirement community consisting of 81 Villa town homes, 149 Atrium apartment suites, and 36 Extended Congregate Care units. The Cloisters offers wonderful amenities including a full service dining room, clubhouse, swimming pool, shuffleboard courts, and a putting green. The Cloisters was expanded in 1999 with the addition of 21 Garden Villa town homes. The Cloisters was sold in November 2000 giving the Companies additional opportunities to expand its successful Commercial Real Estate Portfolio.

Royal Palm Financial Center, a three building 122,000 square foot “Class – A” office complex located in Stuart, Florida was purchased in 1995. The complex was uncompleted and mostly vacant and today is the premier office complex in the Stuart market and the sought-after address for Fortune 500 companies such as Morgan Stanley Smith Barney, First American Title Insurance and Tetra Tech. In 2003 a fourth building was constructed on the site a 12,000 square foot building for ProQuest Alison, Inc. Future plans for the Royal Palm Financial Center include the design and construction of an additional 40,000 square foot building. This complex is the gem of our Florida properties and also our regional office.

During 1997 and 1998, the Companies purchased two distressed shopping centers in Deland and Orange City, Florida and an office/warehouse building in Stuart, Florida. The Companies redesigned and renovated each of these properties to create an attractive business environment for the community and its tenants.

In 2000, the Companies purchased an additional 140,000 square feet of office/warehouse in Deland, Florida, 200,000 square feet of office/warehouse in Stuart, Florida and an additional 95,000 square feet of office buildings in the Minneapolis market.

In 2004, the Companies purchase a 130,000 square foot office campus in Minneapolis, MN and in 2006 acquired two office complexes located in Brooklyn Park, MN and Maplewood, MN totaling 81,000 square feet.

In 2008, the Companies sold our Corporate Headquarters building in Minneapolis, Minnesota and pushased a new home called Rosedale Tower located in Roseville, Minneota. This project is a nine story, 90,000 square foot, office building which as been completely remodeled and has become the most prominate office building on the suburban skyline. This building is half- way between St. Paul and Minneapolis and therefore a superior location for accesssing all our Minnesota properties.

Ted Glasrud Associates, LLC, and its affiliates have continued to expand into the twenty first century and develop, design and construct many different types of products with the intent of diversifying our portfolio.