MINNEAPOLIS—The Twin Cities industrial market witnessed a burst of leasing activity in the fourth quarter, and developers such as The Opus Group have also gotten off to a great start in 2017. The Minneapolis-based developer just completed the third phase of its Valley Park Business Center in southwest suburban Shakopee and signed a deal with a new tenant. Albert Lea, MN-based Fountain Industries will occupy about 48,000-square-feet of the 122,400-square-foot structure, which Opus began building last summer.

It was the final phase of Opus' development at the 50-acre site, following the completion of a 200,000-square-foot speculative development and a 216,000-square-foot build-to-suit industrial warehouse and office space for Amerisource Bergen.

“The interest and demand for industrial space in the Twin Cities remains strong,” Matt Rauenhorst,vice president, real estate development, Opus Development Co., LLC, tells GlobeSt.com. “In particular, the southwest market of the Twin Cities has seen ongoing and solid interest from various companies, whether big and looking to expand, or small and seeking first-generation space, as we've experienced with the construction and leasing of Valley Park Business Center.”