Part of the deal includes a build-out of the space in excess of $1 million, says Matt Van Slooten, president of Minnetonka-based Carlson Real Estate Co. Bids for general contractors to do the work will go out this week, he adds.
Van Slooten reports negotiations are underway with several other potential tenants, but nothing is imminent.
The lease was negotiated through a dual agency involving Dave Marschinke and Jim Freytag of CB Richard Ellis. The term of the lease is in excess of 10 years, but Van Slooten declined to offer further details on the lease.
Michael Foods, which went private about a year ago, plans to move into the new quarters July 1. The firm, whose business is in egg products, refrigerated grocery products, specialty dairy products and refrigerated potato products, is located at theSignal Bank Building near the intersection of Highway 100 and Interstate 394 in St. Louis Park, MN.
The 401 Carlson Parkway building is the second phase of a new office development totaling 430,000 sf called 301 & 401 Carlson Parkway. The first building in the two-building complex, 301 Carlson Parkway, was completed in the spring of 2000 and was100% leased within four months of completion. Tenants include BORN, Provell and Carlson Real Estate Co.
Carlson Real Estate says it developed 301 & 401 Carlson Parkway for its own long-term ownership. The firm's portfolio of office, industrial and retail properties concentrated in Minnesota and Arizona exceeds 5 million sf.
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