(Read more on the industrial market.)
BLAINE, MN-United Properties and Moen Leuer Commercial Inc., working as a joint venture, have signed the first tenant to the 132-acre Blaine Preserve business park. The property, at the intersection of 95th Avenue Northeast and Interstate 35W, will have up to 900,000 sf of mostly industrial properties, with some possible office buildings, and seven acres of retail.
Arrowhead Electrical Products Inc. has leased 50,000 sf in a 100,000-sf new building that's going up in the park. The facility will be joined by a twin building that will share dock space, says Jon Yanta, VP with United. He and VP Jon Rausch are representing the joint venture in the leases.
The distributor of alternators, starters and other engine components signed a six-year lease, Yanta tells GlobeSt.com. Arrowhead is consolidating from three locations, including its headquarters in Roseville, MN, and should be able to move in by the end of the year. The second spec building will be finished sometime in the spring, Yanta says. He says the asking price for the two buildings is $5 for warehouse space and $10 for office space.
The business park will likely have at least seven more buildings with at least 800,000 sf, and up to 900,000 sf depending on interest or if there's demand for office space, Yanta says. "When we pursued this property, the market was healing, and we knew based on the supply and demand that there will be opportunity here as the market corrects itself," he says. It will likely cost about $55 million to build the park out in the next two-to-five years, he says.
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