United Properties has acquired a 300,000-square-foot bulk industrial building at 1080 Park Place in Shakopee, Minnesota. The building is currently occupied by Silgan Containers.
The commercial real estate investor and developer cites the location in the competitive Shakopee submarket and the building’s value-add opportunities as the primary reason for acquiring the building. The closing occurred on Dec. 11.
“1080 Park Place was intriguing given its location in the heart of Shakopee, a quality tenant, 38-foot clear height and value-add opportunities such as expanding the truck court and completing cosmetic upgrades,” said Brandon Champeau, vice president. “This acquisition demonstrates our commitment to grow our industrial portfolio with buildings that are positioned to capitalize on the evolving requirements of today’s tenants.”
United Properties plans to complete site improvements and cosmetic upgrades in spring 2016. Kris Smeltzer of Cushman & Wakefield/NorthMarq represented United Properties in the transaction. Cushman & Wakefield/NorthMarq will manage and lease the property on behalf of United Properties.