Innovex Inc. Sells 96,000-SF Headquarters

(Read more on the industrial market.)

MAPLE PLAIN, MN-Innovex has sold its 96,000-sf headquarters building, which includes 66,000 sf of manufacturing space, to Proto Labs Inc. Innovex, a supplier of flex products to the hard disk drive, telecommunications, chip packaging, and consumer electronics industry, has moved its production facilities to Thailand, and has shifted its headquarters office into 7,000 sf in Plymouth.

Proto Labs, a producer of prototype parts, already has two other buildings in the Maple Plain Business Center park. The new facility, which the company purchased for $4.2 million, will bring the company’s total occupied space in the park to 160,000 sf.

The area has seen an increase in the past several months of industrial renewals and expansions due to a lack of available space, says Chris Hickok, vice president with United Properties Brokerage. Hickok and David Paradise represented Innovex in the sale. “The vacancy rates overall are at 10%, but it’s tightening up,” he tells GlobeSt.com. “This particular building was one of the few quality single-user buildings left on the market. Built in 2000, it’s very specific to the sophisticated user, with modern air handling equipment and an improved power supply, amenities you just don’t see in the balance of the market.”

Proto Labs ran out of space due to an expansion of their just-in-time delivery system, which has attracted new customers, Hickok says. Though the company is not leasing the facility, average rents in the area are at around $10 per sf for office space and $5 per sf for warehouse space, he says.