Standard Real Estate Investments, LP and Endeavor Development announced the sale of Cobalt Business Center, a 174,288 square-foot Class-A industrial facility in Mendota Heights, Minnesota. The project quickly achieved stabilization and was subsequently acquired by a private investor.
Located on a 10.1-acre infill site in Mendota Heights, Cobalt Business Center benefits from exceptional access to MSP International Airport and major transportation corridors including I-494, I-35E, and Highways 55 and 62. The surrounding area is home to major employers such as Amazon, Blue Cross Blue Shield, and Ecolab. Cobalt Business Center features 32’ clear heights; 15 dock positions outfitted with 35,000-lb. levelers and seals; motion-sensing LED light fixtures; ESFR fire protection sprinkler system; and 4,000 amps of power.
The transaction marks the culmination of a highly successful development and investment strategy that transformed the property from an obsolete vacant office property into a modern industrial building in 15 months. The project had strong leasing activity throughout construction and was fully pre-leased prior to construction completion. .
