(Minneapolis-St. Paul, Minn. ‒ Oct. 29, 2015) The Minneapolis-St. Paul office of Duke Realty Corporation (Duke Realty), a leading nationwide REIT (Real Estate Investment Trust) specializing in the ownership, management and development of quality industrial facilities, announces that Milestone AV Technologies, a leading manufacturer and marketer of branded audio-visual products, has signed a long-term lease for a new 242,004-square-foot, build-to-suit manufacturing and distribution facility. Milestone will consolidate its operations in Shakopee and Savage into the new building, which will be located in Gateway South, a newly announced 46.12-acre industrial park being developed by Duke Realty in Shakopee. Located at Highway 101 and Shenandoah Drive, Gateway South currently has more than 20 acres of land available for development that can support up to 420,000 square feet.
“We are pleased that Milestone AV Technologies selected Duke Realty and Gateway South for its new manufacturing and distribution center,” said Josh Budish, Vice President of Leasing and Development for Duke Realty’s Minneapolis-St. Paul operations. “We look forward to providing our new client with a modern, Class A facility that will enable them to consolidate their manufacturing and distribution functions and provide them with growth for the future”
Duke Realty, which owns and manages more than 4 million square feet of industrial properties in the Minneapolis-St. Paul metro area, purchased the Shakopee site in September 2015. “Our existing portfolio is essentially 100 percent leased, making it challenging to respond to prospective customers’ requests or offer an alternative to existing tenants that have grown and need additional space,” said Mr. Budish. “Gateway South gives us the opportunity to offer companies looking for warehouse space a highly visible and accessible site and grow our footprint in the market.”
In addition to constructing Milestone’s new facility, Duke Realty is completing infrastructure improvements at the site. To facilitate development in the area, the City of Shakopee and Scott County are completing off-site road work, including widening and resurfacing surrounding roadways and installing traffic signals.
Bill Ritter with Colliers International represented Milestone AV Technologies in the transaction, while Duke Realty was represented by Kris Smeltzer with Cushman & Wakefield/Northmarq and Mr. Budish.
Parties interested in build-to-suit or preleasing opportunities on the remaining land in Gateway South are invited to contact Kris Smeltzer at firstname.lastname@example.org or 952-837-8575.
About Duke Realty
Duke Realty Corporation owns, maintains an interest in or has under development 142 million rentable square feet of bulk distribution 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 Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.
About Milestone AV Technologies
Milestone AV Technologies is a leading designer and manufacturer of branded audiovisual products including flat panel mounting solutions, projector mounts, screens, equipment racks and AV furniture for both the consumer and commercial AV markets. Milestone’s innovative products, sold principally under the Chief, Da-Lite and Sanus brand names, are sold through numerous channels, including Pro AV dealers, regional home theater dealers, consumer electronics retailers, mass merchants and original equipment manufacturers. The company currently serves a broad base of more than 6,000 global customers with headquarters in Eden Prairie, Minn.