(Minneapolis-St. Paul, Minn. ‒ Nov. 10, 2014) Leasing momentum in Duke Realty’s Minneapolis-St. Paul industrial portfolio continued strong in the third quarter of 2014 with the local team completing 182,500 square feet of leases in its metro-area portfolio. This activity, coupled with the 1.4 million-square-foot in leases Duke Realty completed in the first half of the year, brought the Minneapolis-St. Paul portfolio to 100 percent occupancy. During the quarter, the office also executed a lease with Blu Dot, a designer and distributor of modern home furnishings, for a 150,064-square-foot, build-to-suit industrial building, its third in Gateway North Business Center this year.
“Duke Realty continues to be able to offer businesses attractive space solutions through our existing properties and our construction capabilities,” said Steve Schnur, Senior Vice President of Duke Realty’s Central Region. “We are pleased with the interest we’ve seen in our properties so far this year, and are looking forward to working with other companies on their space needs.”
“We want to thank both our customers and the brokers who have helped us reach this milestone,” said Josh Budish, Duke Realty’s Vice President of Leasing in Minneapolis-St. Paul, who represented Duke Realty in all of its lease transactions. “Working together, we have successfully matched our tenants with the best spaces for their needs.”
The leases completed by Duke Realty in the third quarter include:
- MPV Logistics LLC signed a new lease for 47,781 square feet in Medicine Lake Industrial Center, located at 10205 10th Avenue in Plymouth. Josh Huempfner with Upland Real Estate Group was the broker for MVP Logistics. Mark Sims with Cassidy Turley was listing broker for Duke Realty.
- Local Motion International signed a new 30,740-square-foot lease in Crosstown North Business Center 10 located at 9200-9250 Xylon Ave. North, Brooklyn Park. Colin Quinn with Colliers International represented Local Motion. Noam Newman with Cassidy Turley was the listing broker for Duke Realty.
- Mondelez Global renewed its 60,408-square-foot lease in Crosstown North Business Center 1 located at 9201 Wyoming Avenue North in Brooklyn Park.
- Expeditors International of Washington renewed its 32,896-square-foot lease in Trapp Road Commerce Center II located at 1245 Trapp Road in Eagan. Neil Kolatkar with CBRE represented Expeditors in the renewal.
- Embraer Aircraft Holding renewed its 10,674-square-foot lease in Trapp Road Commerce Center I at 1279 Trapp Road in Eagan.
About Duke Realty
In the Minneapolis-St. Paul metro area, Duke Realty owns, manages or has under development approximately 4.9 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. Parties interested in build-to-suit or lease opportunities are invited to contact Mr. Budish at 952.543.2926.
On a nationwide basis, Duke Realty owns, maintains an interest in or has under development approximately 154.6 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.