Thursday, June 16, 2022
Oppidan and Rockpoint Group break ground on the final project of their $157.3M ten Building industrial development in Minnesota and North Carolina
The Bunker Lake Business Park includes a three-building industrial/warehouse development
Excelsior, Minn – (June 16, 2022) – Oppidan Investment Company, a national property development firm headquartered in Excelsior, Minn., and Rockpoint Group, a real estate private equity firm headquarterd in Boston, broke ground on The Bunker Lake Business Park, located at Bunker Lake Blvd in Ramsey, Minn. This is the third of their $157.3M, nine-property industrial pipeline covering 1.55 million square feet on three development sites in Minnesota and North Carolina. The team broke ground on the Chaska Creek Industrial Park in Chaska, Minn., in October 2021 and the Apex Commerce Center in May 2022.
The groundbreaking ceremony took place on Thursday, June 16.
The Bunker Lake Business Park is a $42 million project that includes three buildings that encompase 405,300 square feet of Class A industrial/warehouse development on 45 acres. Its convenient location off of US Highway 10 and Armstrong Blvd allows for quick freeway access, and the three building warehouse design is flexible to accommodate different types of industrial operations within the area. The Bunker Lake Business Park will feature clear heights of 24 ft. to 36 ft., clerestory windows, functional loading/truck courts, and a first-class image.
“We’ve created a state-of-the-art speculative industrial asset that’s the first of its kind within the Ramsey area, allowing plenty of future opportunities,” said Jay Moore, Oppidan Senior Vice President of Development. “Our building design and functionality will cater to a wide variety of industrial uses, from high-tech/medical/manufacturing to office/warehouse/distribution.”
Construction is expected to be completed in October of 2022 on the first two buildings, with the third being delivered in late 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 566 projects valued in excess of $4.3 billion and spanning 26.4 million square feet throughout 40 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.
Rockpoint Group is the equity partner. JLL Capital Markets arranged the joint venture partnership and (name) is the leasing broker.