MINNEAPOLIS—Onward Investors and Castlelake have just hired JLL as the exclusive property leasing and management team for the Hampshire Technology Center, a 144,441-square-foot, single-story complex located at 10900 Hampshire Ave. in suburban Bloomington. The partners recently acquired the class A office and showroom property from Hines for about $8.1 million.
“The market for this type of suburban product has really tightened up in the last 24 months, especially for this size,” JLL executive vice president Chris Hickok tells GlobeSt.com. He will lead the effort to lease the available 114,000-square-foot space, one of the largest contiguous blocks of space available in the suburban market.
Furthermore, “there really is no new construction of this type of office space.” The Twin Cities do have a lot of developers breaking ground on bulk distribution buildings, “but no one is building any flex product, and I don't see that changing for the foreseeable future.”
Hickok notes that the tech center includes a 3,000-square-foot, raised-floor data center. In addition, it has class A interior finishes, considerable glass line, skylights, 10' to 12' high finished ceilings and extensive landscaping. The building also features 682 parking spaces.
Dan Terry and Brent Robertson, both vice presidents, will join Hickok on the leasing team. JLL will also provide property management services led by general manager Todd Balsiger.
The lack of similar available space, as well as the general health of the Twin Cities' real estate market, gives Hickok a lot of confidence. “I know a lot of large users, that is, those needing more than 50,000-square-feet, which are looking for a building just like this.”
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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.
