MINNEAPOLIS—The Twin Cities’ economy continues to forge ahead and expand, especially its industrial sector. The Opus Group has been one of the more active developers in this space, and has just started construction on a 122,400-square-foot speculative industrial development in the Valley Park Business Center in suburban Shakopee. It is the final phase of Opus’ development at the 50-acre site, following the recent completion of a 200,000-square-foot speculative development and a 216,000-square-foot build-to-suit industrial warehouse and office space for AmerisourceBergen.
“We are thrilled to advance our work on this site with this great offering for small- to mid-size users,” says Joe Mahoney, senior manager, real estate development, Opus Development Co., LLC. “The high-level of interest we’ve already received for this project confirm the depth of the market and the need for space like this.”
Net absorption has been steadily rising since about 2012. In 2015, the Twin Cities metro area saw almost three million square feet of space absorbed, and more than 600,000 square feet in the first quarter of 2016, according to a recent report on the Twin Cities by Colliers International. Developers also in 2015 set a local record for new construction, completing nearly four million square feet of industrial space, both speculative and build-to-suit.
Located southwest of Minneapolis near major state highways, this new Opus development will suit tenants who desire to be in the Shakopee submarket but do not have bulk distribution needs, Mahoney adds. The property will accommodate users that need 20,000 to 122,000 square feet. The building will feature 28’ clear height, along with 193 parking stalls, 24 dock doors and six drive-in doors.
Opus plans to complete the project by late 2016. Opus’ portfolio of work includes 8.2 million square feet of industrial developments currently in its pipeline or completed in the past 24 months across the US.
Opus Development Co., LLC is the developer, Opus Design Build, LLC is the design-builder and Opus AE Group, LLC is the architect and structural engineer of record. Bill Ritter, Ryan Kryzmarzick and Eric Rossbach with Colliers International will market the property for lease.