Lease signing brings development’s Phase II to 100 percent leased
MINNEAPOLIS (June 21, 2016) – United Properties announces that it has signed a 50,000-sq.-ft. lease with Caribou Technologies, Inc. at its second phase building in Blaine Preserve Business Park, located at Hamline Avenue and 95th Avenue Northeast in Blaine. Caribou Technologies, a medical device contract manufacturer, will move into the new space summer 2016. The company will consolidate its growing operation from two existing locations in Ham Lake.
United Properties began construction of the building in September 2015, soon after executing a lease with Arrowhead Electrical Products, Inc. for 30,000 sq. ft. By November 2015, Arrowhead expanded into a larger 50,000-sq.-ft. space. The lease with Caribou Technologies brings the building to 100 percent occupancy within five months of groundbreaking.
“We’re delighted to accommodate Caribou Technologies in a modern facility that positions the company to continue its impressive growth,” said Brandon Champeau, vice president, United Properties. “The building’s quick, successful lease-up demonstrates our business park is well positioned to serve the needs of growing companies in the northern suburbs of the Twin Cities.”
Cushman & Wakefield/NorthMarq’s Jon Rausch and Brent Masica make up the leasing team at Blaine Preserve. John Lorence and Matt Oelschlager of CBRE represented Caribou Technologies in the transaction. The building was designed by Lampert Architects, P.A. and constructed by R.J. Ryan Construction.
“The Caribou team is excited to complete the buildout and move into this new facility,” said Connie Magnuson, CFO and co-founder, Caribou Technologies. “Our overall manufacturing and office footprint will double to accommodate continuing growth in manufacturing of high volume components and subassemblies. Further, this facility allows us to expand the dedicated space, equipment and resources of the Caribou Innovation Center. Through the CIC, we collaborate with customer R&D engineers on new product and process development, reducing their project timelines and transfer into production.”
In addition to the Phase II building, Blaine Preserve Business Park includes a fully leased 100,000-sq.-ft. office/warehouse constructed in 2007. United Properties plans to begin developing a third, 200,000-sq.-ft. office/warehouse building at the business park in fall 2016. Click here for more information about Phase III & IV.
About United Properties
Formed in 1916, United Properties acquires, develops, manages, finances and disposes of the company’s real estate investments, which include nearly 50 office, medical, industrial, mixed-use and retail assets in Minnesota, Wisconsin, Illinois and Colorado. United Properties also provides development services for the retail, residential, office, medical and industrial sectors. In addition to a large presence in the Minneapolis-St. Paul market, United Properties’ Denver office develops retail, office and industrial buildings. For more information, visit www.uproperties.com or follow on Twitter at @UPDeepRoots.
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