MINNEAPOLIS—Onward Investors andCastlelake have just hired JLL asthe exclusive property leasing and management team for theHampshire Technology Center, a144,441-square-foot, single-story complex located at 10900Hampshire Ave. in suburban Bloomington. The partners recentlyacquired the class A office and showroom property fromHines for about $8.1 million.

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“The market for this type of suburban product has reallytightened up in the last 24 months, especially for this size,” JLLexecutive vice president Chris Hickok tellsGlobeSt.com. He will lead the effort to lease the available114,000-square-foot space, one of the largest contiguous blocks ofspace available in the suburban market.

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Furthermore, “there really is no new construction of this typeof office space.” The Twin Cities do have a lot of developersbreaking ground on bulk distribution buildings, “but no one isbuilding any flex product, and I don't see that changing for theforeseeable future.”

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Hickok notes that the tech center includes a 3,000-square-foot,raised-floor data center. In addition, it has class A interiorfinishes, considerable glass line, skylights, 10' to 12' highfinished ceilings and extensive landscaping. The building alsofeatures 682 parking spaces.

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Dan Terry and Brent Robertson,both vice presidents, will join Hickok on the leasing team. JLLwill also provide property management services led by generalmanager Todd Balsiger.

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The lack of similar available space, as well as the general health of the Twin Cities' real estatemarket, gives Hickok a lot of confidence. “I know alot of large users, that is, those needing more than50,000-square-feet, which are looking for a building just likethis.”

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.