JLL Capital Markets has arranged a $157.3 million joint venture equity partnership for the development of three high-quality bulk distribution and life sciences projects totaling 1.55 million square feet in Minneapolis-St. Paul and Raleigh-Durham, North Carolina.
JLL represented the developer, Oppidan, a national property development firm headquartered in Minneapolis, to arrange the partnership with Rockpoint Group.
The pipeline comprises nine state-of-the-art buildings on three development sites. Five buildings are expected to begin construction this year, with anticipated completion for all nine in 2022 and 2023.
The future Chaska Creek Industrial Park is in the southern part of the Minneapolis-St. Paul MSA in Chaska, Minnesota. The two-building bulk warehouse will be expandable for a variety of industrial operations and surrounded by amenities.
In Ramsey, Minnesota, in the northern part of the Minneapolis-St. Paul MSA, Bunker Lake Business Park’s three-building design will be able to accommodate different types of industrial operations within the area. There are currently no other active or speculative industrial asset opportunities within the Ramsey area.
The Raleigh-Durham project – Cash Corporate Life Sciences Park – will be a four-building life sciences project constructed on a 121-acre site at 2100 Production Dr. in Apex. It represents the largest developable industrial site in Apex, and is proximate to a large, talented employment base as well as the University of North Carolina, Duke University and North Carolina State University.
The JLL Capital Markets team that represented the developer was led by Senior Managing Directors Colin Ryan, John Huguenard, David Berglund and Pete Pittroff and Managing Director Patrick Nally.
Oppidan President Blake Hastings; Senior Vice President of Development Jay Moore; and Executive Vice President – Southeast Tim Brent are leading the project development for Oppidan.