Hempel Real Estate and its newest institutional joint venture partner TPG Angelo Gordon broke ground on Brockton Business Park, a next-generation industrial development in Corcoran, Minnesota.
This marks a major milestone in Corcoran’s continued growth within Minnesota’s vital I-94 logistics corridor. The groundbreaking represents the first deployment of capital under a new $300 million programmatic joint venture between the two firms, aimed at building and acquiring industrial assets across the Midwest over the next five years with a strong focus on the Minneapolis MSA.
The project’s first phase includes a 286,120-square-foot industrial facility on a 20-acre parcel. The site is designed to accommodate a range of users, featuring ample trailer and auto parking, direct access to County Road 101, and convenient connections to I-94 via Dayton Parkway and the future Highway 610 extension. Phase two is planned to add 252,120 square feet of industrial space.
The groundbreaking comes at a time when new industrial development has slowed amid interest rate volatility, rising construction costs, and institutional caution around speculative development, leading to lower supply. The partners aim to capitalize on this window of opportunity and are actively expanding their investment footprint in search of other industrial investments and developments across the Twin Cities.
