Uponor is a supplier of radiant heating systems, PEX plumbing systems and fire safety protection systems. The company has a 10-year lease for the building, says Craig Patterson, senior development officer for First Industrial Realty Trust's Minneapolis/St. Paul region.
Ray Reese and Brian Fogelberg, both with CB Richard Ellis, assisted in the build-to-suit transaction. Site work began about two weeks ago on the build-to-suit facility with occupancy expected in January, Patterson says. Uponor is relocating from similar-sized facility in Burnsville, MN, which was "not nearly as efficient," he says.
The company had recently completed a growth projection for the next five to 10 years and determined they needed a "state of the art, 32-feet clear distribution center," Patterson says. First Park Lakeville is near the company's headquarters as well as having access to a good labor pool, infrastructure and highways, he says.
First Industrial is also constructing a 282,000-sf speculative distribution center. Site work on the speculative building began about 30 days ago with the shell expected to be complete in November, Patterson tells GlobeSt.com. Vacancy in the industrial submarket is about 9% with vacancy "for this product type at about 5%," he says. The facility will be designed to accommodate up to three tenants. The asking lease rate is $4.95 per sf, triple net, he says.
Both the build-to-suit facility and the speculative distribution facility will be built with sustainable practices in mind and are expected to be LEED certified, Patterson says. Both facilities will also have preferred parking for carpoolers, he says. RJ Ryan Construction Inc. is the general contractor. Mohagen Hansen Architectural Group, based in Wayzata, MN, is the designer. Patterson and Jim Schlundt, marketing and leasing director with First Industrial, will lead the development and leasing team.
First Park Lakeville has 139 gross acres with about 91 buildable acres, Patterson says. The industrial park will have up to 1.4 million sf when completed, Patterson says. The build-to-suit and 282,000-sf speculative facility will be the first two buildings in the new park, he says. The park is located approximately two miles east of Interstate 35 and about a half-mile west of Lakeville's Airlake Airport.
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