Behind the scenes look at Oppidan’s Industrial Pipeline
Behind the scenes look at Oppidan’s Industrial Pipeline
Project Quick Facts:
- Oppidan is developing office warehouse and life sciences projects
- Three development sites in Minnesota and North Carolina
- 9-property industrial pipeline, all Class A buildings
- 1.55 million square feet
- $157.3M equity partnership with Rockpoint Group
There’s no denying the industrial industry is growing at a rapid pace. Oppidan is quickly meeting this market demand with its newest development, a 9-property industrial pipeline that will include 1.55 million square feet of space in Minneapolis-St. Paul, Minnesota, and Raleigh-Durham, North Carolina.
This massive development is highly important for its large scope – including state-of-the-art buildings on three development sites – as well as its opportunities to create quality jobs in three separate communities
This development is the first phase of a larger, strategic development plan that includes nearly 7 million sq. ft. within these two key markets.
The three developments include:
Chaska Creek Industrial Park
Located in Chaska, Minnesota, this two-building office/warehouse development will be expandable for a variety of industrial operations to flex and fit the needs of the market. This is welcome news for the area, which has been void of new developments.
Bunker Lake Business Park
Located in Ramsey, Minnesota, this three-building warehouse design is flexible to accommodate different types of industrial operations within the area. This speculative industrial asset is the first of its kind within the Ramsey area, offering plenty of future opportunities.
“The Twin Cities market is in need of more warehouse space, and we’re excited to develop this project to fill this void,” said Jay Moore, Oppidan Senior Vice President of Development Midwest. “This development of Class A buildings will create great opportunities within the job market, while also meeting the growing needs of the area.”
Cash Corporate Park
This is a four-building life sciences project located in Apex, North Carolina, which is within the greater Triangle region that includes the Raleigh-Durham area. Constructed on a 121-acre site, it’s the largest developable industrial site in the area. Its proximity to the University of North Carolina, Duke University and North Carolina State University makes it a favorable spot to attract highly skilled employees.
“This is the first of several exciting industrial projects here in the Triangle region and the Southeast,” said Tim Brent, Oppidan Executive Vice President South-East. “Apex is positioned in a major, controlled access, growth corridor of the Triangle region and has great connectivity to the Research Triangle Park. We felt the property was extremely well located and labor pool and talent in this submarket of Raleigh would attract a variety of businesses, tenants and users who are looking for employees of all skill sets. Cash Corporate Life Sciences Park is just as likely to see life science GMP users as it is to see distribution or advanced manufacturing.”
Oppidan, a national property development firm with headquarters in Minnesota and offices in California and North Carolina, has made its mark as an industrial development leader with this project, adding to its already impressive list of 550 projects valued at more than $4 billion and spanning 25 million-square feet throughout 39 states and parts of Canada.
“The Industrial play is another example of Oppidan’s ability to chase the right opportunity at the right time,” said Pat Barrett, Oppidan Chief Operating Officer. “We made a decision to shift some of our resources towards industrial in 2020 and in true Oppidan form, we did it by seeking out the right development opportunities and an equity partner that shares our Teamwork, Urgency and Excellence values.”
Oppidan will begin construction on five buildings in 2021 and anticipates completion of all nine buildings in the next two years.
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