(Minneapolis-St. Paul, Minn. ‒ Sept. 22, 2014) The Minneapolis-St. Paul office of Duke Realty Corporation (Duke Realty) has announced the execution of a long-term lease with Blu Dot, a designer and distributor of modern home furnishings, for a 150,064-square foot, build-to-suit bulk warehouse in Gateway North Business Center. This is the third build-to-suit bulk warehouse transaction in its Otsego industrial development that Duke Realty has signed this year, bringing the total square feet under construction in the park to more than 935,000 square feet.
“We are pleased to be able to accommodate Blu Dot’s needs by constructing a state-of-the-art facility within our park,” said Steve Schnur, Senior Regional SVP for Duke Realty’s Midwest Region. “Gateway North’s direct access to Highway 101 and I-94, coupled with our construction capabilities, enables us to provide Blu Dot with a functional, economical solution for their current and anticipated space needs.”
“Our continued growth prompted us to look at a number of alternatives for gaining additional space for our operations,” said Maurice Blanks, co-founder and Chief Operating Officer with Blu Dot. “After evaluating several options, we determined that Duke Realty’s proposal was the best given our timeline, budget parameters and expansion plans. We look forward to moving into our new facility in Spring 2015.”
“Gateway North has attracted the attention of businesses looking for space in a first-class industrial park with excellent highway access and proximity to Minneapolis-St. Paul,” said Josh Budish, Vice President of Leasing and Development for Duke Realty’s Minneapolis-St. Paul office. “The decision by Blu Dot, as well as by our other recent customers Ruan and Room & Board, to locate here is evidence of the many positive attributes of Gateway North Business Center.”
Located on 7.69 acres, Blu Dot’s new facility will be a rear-load building with 32′ clear height, 14 dock doors, one drive-in door and 45′ x 50′ column spacing. A parcel immediately adjacent to the building can accommodate a 116,000-square foot expansion by Blu Dot.
Neil Kolatkar and Dan Swartz with CBRE represented Blu Dot in the transaction, while Mr. Budish represented Duke Realty.
Gateway Business Center North is located in Otsego just a few minutes north of the I-94/Highway 101 interchange. Following the completion of Blu Dot, Room & Board and Ruan’s build-to-suit facilities, Gateway Northwest Business Center will boast four buildings totaling 1.089 million square feet. An additional 18.3 acres is available in Gateway North for up to 373,000 square feet of new 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 4.7 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 156.5 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.