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INVER GROVE HEIGHTS, MN-The city has given preliminary approval to plans by United Properties to develop five flex office and warehouse buildings here at Highway 55 and Barnes Avenue. The property, to be called Inver Pointe Business Park, will consist of about 470,672 sf. The company will now push forward for final approvals and grade the site to prepare for groundbreaking.

Bill Katter, VP of investments and development for the company, tells GlobeSt.com that the site is in the path of growth. “The next community between here and the city is out of industrial land,” he says. “Plus, this area is right near several of the major highways. There’s good demand; notwithstanding the slowdown of the economy, that submarket of the southeast Twin Cities is fairly tight for class A, 24-foot clear height properties.” The firm purchased the site two years ago. Including the land price, the development should cost about $30 million to complete, Katter says.

The company already has a 500,000-sf industrial park in Mendota Heights about three miles away to the west. The occupancy there is in the high 90% range, Katter says, with rents ranging at about $9.50 for office space and $4.50 for warehouse. It’s too early to release lease rates for the new park, he says.

“Phase one of Inver Pointe will have two of the five buildings. We’ve had some preliminary interest. If we can get some signed up, we’ll break ground this year, and if that’s not possible, we’ll start speculative development by spring,” Katter says. The interest has run the gamut of 30,000 sf to 100,000 sf, he says. “We’re just starting to grade the site; until we put in the infrastructure, the market is not going to take us very seriously.”

Katter and Eric Simmer will oversee the development project. NorthMarq Real Estate Services will lease the space.

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