News on the industrial fronts keeps on coming. We wrote here about the market last week.
And this week, Minneapolis-based CSM Corp. announced plans to build two speculative commercial buildings in the northwest suburbs. The company did not reveal the amount it is investing in the project.
A Brooklyn Park office and warehouse facility will span 202,000 square feet, and the Rogers warehouse building will be 270,000 square feet, CSM said.
“We are eager to begin these speculative development projects, and see great potential in both the Brooklyn Park and Rogers communities,” said Scott Moe, CSM's vice president of leasing and development, in a statement. “There is a limited supply of properties in the Northwest market, and an aggressive demand to attract businesses to the area. Going spec on these two sites allows us to take advantage of existing assets and add value to our portfolio, strengthening marketplace position.”
The Brooklyn Park project will be the first phase of an office park development, and will be located on 31 acres of land at 93rd Avenue N. and Broadway, south of Highway 610.
CSM said it originally owned 17 acres and recently purchased an additional 14 contiguous acres to clear the area for the project. Plans call for a 28-foot clear height office and warehouse facility that will be designed to accommodate manufacturing, assembly and light distribution. The developer is seeking final approvals from the city and hopes to break ground mid-summer.
The Rogers project will be located on 17 acres owned that CSM has owned since 2007. The bulk warehouse facility will be located S. Diamond Lake Road and Brockton Lane N. and feature 32-foot clear height. CSM has already received municipal approvals and expects to break ground in early summer.
Completion of both projects is slated for the first quarter of 2015.