Tuesday, October 19, 2021

Oppidan and Rockpoint Group to break ground on the first of their $157.3M nine-property industrial development in Minnesota and North Carolina

Chaska Creek Industrial Park includes a two-building office/warehouse development

Excelsior, Minn. – (October 19, 2021) – Oppidan Investment Company, a national property development firm headquartered in Excelsior, Minn., and Rockpoint Group, a real estate private equity firm headquarterd in Boston, will break ground on the Chaska Creek Industrial Park, located at 1200 Chaska Creek Way, Chaska, Minn. This is the first of their $157.3M, nine-property industrial pipeline covering 1.55 million square feet on three development sites in Minnesota and North Carolina.

The groundbreaking ceremony will take place at 10 a.m. on Thursday, Oct. 21 at 1200 Chaska Creek Way, Chaska, Minn.

The Chaska Creek Industrial Park is a $37.5M, office/warehouse development that includes two Class A buildings totaling 301,000 square feet. The project is split into two phases. Phase I construction includes 168,000 square feet and is expected to be completed in Q2 of 2022. Phase II, which includes the final 133,000 square feet, will begin in Q2 of 2022 and is expected to be completed in Q4 of 2022.

“The Chaska area, and the Twin Cities in general, is in need of more warehouse space to meet growing business and consumer demands. The Chaska Creek Industrial Park is designed to be expandable for a variety of industrial operations so we can flex and fit the needs of the market as the change,” said Jay Moore, Oppidan Senior Vice President of Development. “The addition of these Class A buildings will fill a void in the area, and we’re already pleased with the early interest from multiple tenants. Plus, this project will create immense opportunities for local jobs.”

Additional Class A buildings that are part of this nine-property industrial pipeline include three in the Bunker Lake Business Park, located in Ramsey, Minn., and four in the Cash Corporate Park, located in Apex, N.C. Construction is expected to begin on both of these in Q1 of 2022 and be completed in late 2022 and 2023.

Since 1991, Oppidan has continued to command attention in the commercial development industry, growing into a nationally recognized company for its development, construction and project management, and asset management services in the retail, industrial, commercial, residential, senior housing, affordable and mixed-use markets. Oppidan has successfully developed 550 projects valued in excess of $4 billion and spanning 25.7 million square feet throughout 39 states and parts of Canada. Its impressive roster of clients includes Duluth Trading Company, Northern Tool, Cub Foods, Target, Sprouts, Ebenezer Management Services, Watermark Retirement Communities, General Electric, Caliber Collision, HSRE, Kayne Anderson, IPI, and Bailard, among many others.

“We’ve taken our 30 years of experience in development and expanded quickly into the industrial industry, truly making our mark with this nine-property industrial pipeline,” said Blake Hastings, Oppidan President. “With a focus on our core values of Community, Teamwork, Urgency and Excellence, we put the right resources in place to really make a difference in these communities.”

Rockpoint Group is the equity partner. JLL Capital Markets arranged the joint venture partnership and CBRE is the leasing broker.

 

About Oppidan Investment Company

Since 1991, Oppidan Investment Company has grown into a nationally recognized real estate development company, successfully developing 550 projects valued in excess of $4 billion and spanning 25.7 million square feet throughout 39 states and parts of Canada. Oppidan provides development, construction and project management, and asset management services to the retail, industrial, commercial, residential, senior housing, affordable and mixed-use markets. Headquartered in Excelsior, MN, with regional offices in Raleigh, NC, and San Jose, CA, Oppidan’s client list includes Duluth Trading Company, Northern Tool, Cub Foods, Target, Sprouts, Ebenezer Management Services, Watermark Retirement Communities, General Electric, Caliber Collision, Rockpoint, HSRE, Kayne Anderson, IPI, and Bailard. Oppidan has also been named a Best Places to Work by Minneapolis/St. Paul Business Journal for two years in a row. To learn more about Oppidan, visit www.oppidan.com.

About Rockpoint Group

Rockpoint is a real estate private equity firm headquartered in Boston with additional domestic offices in San Francisco and Dallas.  Rockpoint employs a fundamental value approach to investing and targets select product types located in major markets in the United States.  Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to replacement cost and stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations.  Since 1994, Rockpoint’s co-founders with others have sponsored 15 commingled funds and related co-investment vehicles through Rockpoint and a predecessor firm.  In total, they have raised approximately $25 billion in capital commitments and invested or committed to invest in 447 transactions with a total peak capitalization of approximately $67 billion (inclusive of fund equity, co-investor equity and debt). To learn more about Rockpoint Group, visit www.rockpoint.com.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

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