Duke Realty Leases 1.4 Million SF in Minneapolis-St. Paul in First Half of Year

(Minneapolis-St. Paul – July 28, 2014) Duke Realty Corporation’s (Duke Realty) Minneapolis-St. Paul office announces that it has completed 1.44 million square feet in leases in the metro area since the first of the year. Transactions include 11 industrial leases, five of which are new and six renewals, two new retail leases at The Shops at West End and two new build-to-suit bulk warehouse projects. As a result of this leasing activity, Duke Realty’s 4.4 million-square-foot industrial portfolio is 99 percent leased.

“Our Minneapolis-St. Paul office is pleased with the ongoing interest companies have had in our existing properties, as well as our capability to deliver custom facilities on our available, well-located land parcels,” said Steve Schnur, Senior Vice President of Duke Realty’s Midwest Region. “Our success in attracting new tenants and retaining existing clients is indicative of the strength of our portfolio as well as our team.”

So far this year, Duke Realty has executed leases for two build-to-suit distribution centers in Gateway North Business Center, its industrial park in Otsego just a few minutes north of the I-94/Highway 101 interchange. Duke Realty is constructing a 300,000-square-foot facility for Ruan Transportation Management Systems and a 485,804-square-foot building for Room & Board. Ruan was represented by Patrick Schneider with Calhoun Commercial Real Estate and Room and Board was represented by Tom Hauschild with the Tegra Group, Inc. Dan Swartz with CBRE was the listing broker for Duke Realty for both transactions.

“Both Ruan and Room & Board are growing companies focused on accessibility and efficient product storage and handling,” said Josh Budish, Vice President of Leasing, who represented Duke Realty in both of the build-to-suit transactions. “Gateway North Business Center provides the highway access they are looking for, and our construction expertise allows us to deliver each company a first-generation building designed and constructed to its specifications.”

In addition to the two build-to-suit transactions, Mr. Budish also oversaw the following new leases and renewals.

New Leases

  • Nippon Express signed a new 75,729-square-foot lease in Enterprise Industrial Center, located at 2444 Enterprise Drive in Mendota Heights. Phil Simonet with Paramount Real Estate Corporation represented Nippon in the transaction. Bryan VanHoof with CBRE was the listing broker for Duke Realty.
  • M S International will occupy 51,025 square feet in Medicine Lake Industrial Center, 975 Nathan Lane, Plymouth. Jack Tornquist with CBRE was the broker for M S International, while Mark Sims with Cassidy Turley was the listing broker for Duke Realty.
  • Latitude 360 will lease 43,808 square feet in The Shops at West End, an outdoor lifestyle center located at 1621 West End Boulevard in St. Louis Park. Rich Bevis with JR Anderson was the listing broker.
  • Leaptech MN will be moving into 43,149 square feet of space in Crosstown North Business Center 4, located at 8400 89th Avenue N. in Brooklyn Park. Mark Sims with Cassidy Turley represented Leaptech in the transaction. Tim Olsen with Cassidy Turley was the listing broker for Duke Realty.
  • At Crosstown North Business Center 5, 9100 Wyoming Avenue North, Würth Adams will occupy 25,713 square feet. Würth Adams was represented by Jon Juris with Cushman & Wakefield of MN. Mark Sims with Cassidy Turley served as the listing broker for Duke Realty.
  • Communications Test Design has leased 16,030 square feet in Silver Bell Commons, 2015 Silver Bell Road in Eagan. Tony DelDotto with Cushman & Wakefield of MN was the representative for Communications Test Design. Duke Realty’s listing broker was Bryan VanHoof with CBRE.
  • Also at The Shops at West End, Bonefish Grill has leased 8,132 square feet. Bonefish Grill’s leasing representative was Cushman & Wakefield of MN and the listing broker was Rich Bevis with JR Anderson Realty.

Renewals

  • COKeM International has renewed its 157,644-square-foot lease of MN Valley West, located at 3880 4th Avenue East in Shakopee. Brad Bohlman with Colliers International represented COKeM in the transaction
  • Target has renewed its 107,105-square-foot lease in Crosstown North Business Center 4, located at 8400 89th Avenue N. in Brooklyn Park. Target and Duke Realty were self-represented in the lease renewal.
  • Scholastic Books will remain in its 48,144-square-foot space in Crosstown North Business Center 1, 9201 Wyoming Avenue North in Brooklyn Park. DTZ Americas served as the broker for Scholastic Books. Mark Sims with Cassidy Turley was the listing broker.
  • Mattress Firm signed a lease renewal for 32,896 square feet in Trapp Road Commerce Center II, 1245 Trapp Road in Eagan. Mattress Firm was represented by Damian Rivera with E Smith Realty. Duke Realty’s listing broker was Tony DelDotto with Cushman & Wakefield of MN.
  • Gleason’s Gymnastic School renewed its lease for 28,005 square feet in Silver Bell Commons, located at 2015 Silver Bell Road in Eagan. Nick Peterson with Wellington Management represented Gleason’s in the transaction.
  • Also in Silver Bell Commons, Empire Today renewed its lease for 18,254 square feet. Brett Severson with JLL represented Empire Today in the transaction.

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 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.