"It's a tough market out there, and there's no doubt that activity has slowed," says Jim Gray, head of the Twin Cities office for Indianapolis-based Duke Realty. "But the Eagan market is holding up, and we're confident we have three or four good prospects."
The project is among $67 million of new developments Duke has underway, totaling 1.7 million sf and expected to provide a stabilized return of 11.4%.
Meanwhile, Duke recently said it sold several buildings in the Minnesota market, including several build-to-suit projects -- a two-story, 153,400-sf office building for United Health Group in Duluth; a 128,000 sf project for Eagle Global Logistics anda 50,000 sf project for freight forwarding company AIT, both part of Duke's Eagan Pointe Business Center development on Dodd Road.
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