MINNEAPOLIS (Sept. 11, 2014) – United Properties announces that it has closed on the land acquisition for Red Rock Industrial Building in Maple Grove. Located near the intersection of County Road 81 and 89th Avenue North, construction of the 320,000-sq.-ft. speculative industrial building will begin Sept. 15 and be complete by June 2015.
United Properties received approval from the City of Maple Grove in August for the 32-foot clear ceiling industrial building, originally proposed as two separate buildings totaling 320,000 sq. ft. Due to tenant requirements in the market and rising construction costs, one larger building was put forward as a more cost effective solution.
“Given the lack of large sites near the 494/694 loop, we are excited to bring our building to the market,” said Brandon Champeau, vice president, United Properties. “We appreciate the city’s willingness to work with us to amend the plans and keep us on schedule.”
Cushman & Wakefield | NorthMarq’s Jon Yanta, Jason Meyer and Brent Masica are marketing the property with strong pre-leasing activity among a number of companies. The project team also includes Lampert Architects, engineer EVS, Inc. and RJM Construction.
About United Properties
United Properties, based in Minneapolis, specializes in commercial real estate development and investment. Since 1975, United Properties has provided 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’ Colorado division develops retail, office and industrial buildings. Formed in 1916, the United Properties investments group acquires, manages, finances and disposes of the company’s real estate investments, which includes nearly 60 office, medical, industrial and retail assets in Minnesota, Wisconsin, Illinois and Colorado. For more information, visit www.uproperties.com or follow on Twitter at @UPDeepRoots.