(Minneapolis, MN ‒ April 11, 2018) The Minneapolis-St. Paul office of Duke Realty Corporation (NYSE: DRE), the leading domestic-focused industrial property REIT (Real Estate Investment Trust) in the country, announces that it has executed a long-term lease agreement for a 277,222-square-foot, office/manufacturing/warehouse build-to-suit with ILLUME, a Minneapolis-based company that designs, develops and produces candles and accessories for fragrance, bath and body, and home fashion industries. Construction of the building, which is being built on 12.65 acres at the southwest corner of the intersection of Elm Creek Blvd. North and Revere Lane in Maple Grove, is slated to begin in the second quarter of 2018 with substantial completion scheduled in the first quarter of 2019.
“We are pleased that ILLUME has selected Duke Realty and Arbor Lakes Business Park for their new facility,” said Josh Budish, Vice President of Duke Realty’s Minneapolis-St. Paul operations. “This building will be state-of-the-art and incorporate modern features that will help facilitate ILLUME’s consolidation of multiple locations and operational advancements. In addition, the site’s rare combination of location and amenities will provide ILLUME with the opportunity to attract new employees to accommodate its planned growth.”
ILLUME’s new facility will be located within Duke Realty’s Arbor Lakes Business Park, a master-planned, four-building, one million-square-foot project located directly adjacent to Arbor Lakes Retail. The building will include more than 20,000 square feet of Class A office space on two levels, over 75,000 square feet of light manufacturing, 36′ clear height, and parking to accommodate up to 275 cars. Amenities adjacent to the park include more than 140 retailers, 65 restaurants and five hotels.
Bill Ritter with Colliers International represented ILLUME in the transaction, while Duke Realty was represented by Dan Swartz with CBRE and Mr. Budish.
Additional opportunities are available at Arbor Lakes Business Park. Interested parties are invited to contact Mr. Budish at 952.543.2926
About Duke Realty
In the Minneapolis-St. Paul area, Duke Realty owns nearly five million square feet of industrial space. Its local offices are located
Duke Realty Corporation owns and operates approximately 146 million rentable square feet of industrial assets in 21 key U.S. logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is listed on the S&P 500. The company maintains a Baa1 rating from Moody’s Investor Service and a BBB+ rating from Standard & Poor’s Financial Services. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.