The two commercial real estate companies are planning nine buildings on three development sites totaling 1.55 million square feet in the Minneapolis-St. Paul, Minn., and Raleigh-Durham, N.C., markets. The Minnesota facilities will be geared toward industrial usage, while the North Carolina project will be designed for life sciences.
All of the buildings are scheduled for completion in 2022 and 2023.
JLL Capital Markets represented Oppidan a national property development firm headquartered in Minneapolis in arranging the partnership with Boston-based Rockpoint Group.
The planned developments include the Chaska Creek Business Park, which will be located in the southern part of the Minneapolis-St. Paul metropolitan area in Chaska, Minn. The two-building bulk warehouse will be expandable for a variety of industrial operations.
Another project is Bunker Lake Industrial Park in Ramsey, Minn., which will consist of three buildings designed to provide different types of industrial operations within the region. No other active or looming industrial asset opportunities exist in the Ramsey area, according to JLL.