DES MOINES, IA—The Opus Group has just launched another speculative industrial development in Iowa, this time a 182,000 square-foot office and warehouse facility in suburban Grimes called Gateway Industrial Center. The area has seen very little development since the onset of the recession, and the efforts of Opus are bringing truly modern industrial spaces to a region with mostly older product. As reported in GlobeSt.com, for example, earlier this year the Minneapolis-based company began building Corporate Woods Industrial Park, a 208,000 square-foot spec development in suburban Ankeny.
The new project is part of a national push by Opus that has touched primary and secondary markets. “We're looking at markets across the country where the combination of low vacancy rates and high demand present the opportunity to meet a need for additional space,” Dave Menke, president, Opus Development Co., LLC, tells GlobeSt.com.
“In addition to projects in Ankeny and Grimes, we have speculative industrial projects recently completed or underway in various Midwest submarkets,” he adds, including Shakopee and Brooklyn Park, MN; North Aurora and Romeoville, IL; Plainfield, IN; and Columbus and Cincinnati, OH. In the past 15 months, the company has either completed or put in its pipeline 6.8 million square feet of industrial developments.
“We're excited to begin work on our second speculative industrial project in Iowa this year,” says Jason Conway, director, real estate development, for Opus Development. “This project is a welcome addition to the state as demand for industrial space has grown in the Des Moines area while supply has remained low.”
The metro area has a vacancy rate of just two or three percent, he adds, and many industrial projects only have 24' clear heights. And recently, much of that space has gone to sports-related retail users instead of more traditional bulk distribution companies.
Located on Hwy. 141 near the intersection of I- 80 and I-35, the new industrial development will serve future users' supply chain and distribution needs. Like the facility in Ankeny, the Grimes building will offer 32' clear height. In addition, it will have an ESFR sprinkler system, and up to 45 dock doors. The 16-acre site will also contain a water feature and 110 parking stalls with room for expansion. Opus will begin construction this month and complete the project in the fall.
Opus Development and Founders Properties, LLC will own Gateway Industrial Center in a joint venture partnership. Opus Development will be the developer, Opus Design Build, LLC will be the design-builder and Opus AE Group, LLC will be the architect and engineer of record. Chris Pendroy and Kermit Marsh with Iowa Realty Commercial will market the property for lease.
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