(Minneapolis, Minn. – July 7, 2014) Duke Realty Corporation’s (Duke Realty) Minneapolis-St. Paul office today announced that it has executed a long-term lease agreement with Room & Board, the Minneapolis-based retailer offering modern American-made furniture and accessories, for a 485,804-square-foot, built-to-suit industrial facility. Scheduled for delivery in early 2015, the new distribution center is being built on 21.45 acres within Gateway North Business Center, a 130-acre, master-planned, state-of-the-art industrial park by Duke Realty.
“We are pleased that Room & Board chose Duke Realty and Gateway North Business Center for its new warehouse,” said Steve Schnur, senior vice president of Duke Realty’s Midwest Region. “Our ability to provide Room & Board a high-quality industrial facility in their desired time frame in a readily accessible location set us apart from other real estate providers. We look forward to working with Room & Board and delivering a first-class building to their specifications.”
“Room & Board is thrilled to be partnering with Duke Realty on the opening of our new distribution center,” said Bruce Champeau, president of Room & Board. “We focused on finding a site that was close to our current facility to ensure we didn’t lose any of our valued employees during the transition. This will allow us to achieve that goal while serving our customers now and in the future.”
“This transaction continues the positive momentum at Gateway North that started in April with the development of a 300,000-square-foot, build-to-suit distribution center for Ruan Corporation,” said Josh Budish, vice president of leasing and development for Duke Realty’s Minneapolis-St. Paul office. “As companies are looking at industrial sites and buildings in this market, they are finding that Gateway North and Duke Realty’s capabilities are an excellent solution. We feel very fortunate and are pleased to be receiving the interest and commitments that we’ve seen.”
Room & Board’s new facility features frontage along Highway 101, 32′ clear height, 50 dock doors, five drive-in doors, 50′ x 50′ column spacing and abundant car and trailer parking. The facility also will include a 5,000-square-foot office.
Tom Hauschild and Dan Johnson with Tegra Group represented Room & Board, while Dan Swartz with CBRE, the listing broker, and Mr. Budish represented Duke Realty in the transaction.
Gateway Business Center North is located in Otsego just a few minutes north of the I-94/Highway 101 interchange. Following the completion of Room & Board and Ruan’s build-to-suit facilities, Gateway Northwest Business Center will boast three buildings totaling 935,000 square feet. An additional 21 acres is available in Gateway North for an additional 450,000 square feet of industrial development. Parties interested in build-to-suit or lease opportunities are invited to contact Mr. Budish at 952.543.2926.
About Duke Realty
In the Minneapolis-St. Paul metro area, Duke Realty owns, manages or has under development approximately 4.4 million square feet of industrial and retail properties and has strategic land positions available for future development. Duke Realty’s local offices are located at 1600 Utica Avenue South, Suite 250 in Minneapolis.
On a nationwide basis, Duke Realty owns, maintains an interest in or has under development approximately 154.1 million rentable square feet of industrial and office assets, including medical office, in 22 major U.S. metropolitan areas. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty is available at www.dukerealty.com.
About Room & Board
For more than 30 years, Room & Board has focused on the simple idea that good design should be beautiful, affordable and long-lasting. We work closely with American artisans to offer modern furniture and accessories—even custom pieces—that fit the needs of modern life. We’re proud that more than 90 percent of the products we sell are handcrafted in the U.S. to give customers the best combination of quality and price. Room & Board has stores in Minneapolis, Chicago, Denver, San Francisco, New York, Atlanta, Los Angeles, Costa Mesa, Washington, D.C. and Boston. For more information, visit roomandboard.com or call 800-486-6554.