MINNEAPOLIS—Last summer, Opus launched an industrial spec project in southwest suburban Minneapolis, and one official told GlobeSt.com that “you can count on one hand spaces with more than 100,000-square-feet and 32' clear ceiling heights.” And IRET Properties, a North Dakota limited partnership, has also decided to bring a new space with 32' clear heights into the Twin Cities' tight industrial market.
The partnership has hired Cushman & Wakefield | NorthMarq to market what will be a 220,556-square-foot distribution center at 3075 Long Lake Rd., in suburban Roseville for lease. The CWN industrial team of Tom Sullivan, Todd Hanson, Jason Sell, Chris Weirens and Peter Fooshe will oversee the assignment.
The former Smurfit-Stone Container Corp. building, a 14' clear warehouse, currently occupies the site. On April 23, 2014, the developers will begin demolishing the building and complete the new structure on the original building footprint by November 2014. IRET has selected Kraus Anderson as the general contractor, and Doug Johnson of Oliver Real Estate Services as project manager.
“This dynamic industrial redevelopment represents a one of a kind opportunity, offering businesses the chance to gain substantial square footage in what will be a state of the art, high clear distribution center with a highly centralized location and excellent interstate access,” says Sullivan.
Once the builders complete the new center, it will have a total of 192,079-square-feet for lease. An existing tenant, Hood Packaging, will continue operations during the redevelopment and occupy 28,477-square-feet of the new property.
“We are excited about the opportunity this redevelopment provides to secure what we believe will be a long-term asset for our company in a strong and vibrant community such as Roseville,” says Chuck Greenberg, senior vice president, IRET.
Other developers have shown a similar confidence in Roseville. Last year, for example, the Trammell Crow Co., a Los Angeles-based subsidiary of the CBRE Group, Inc., began developing an 185,470-square-foot speculative industrial development in the town.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
