JLL Arranges $157.3M Equity Partnership for Industrial Developments in Minnesota, North Carolina
MINNEAPOLIS AND BOSTON — JLL Capital Markets has arranged a $157.3 million joint venture equity partnership for the development of three bulk distribution and life sciences projects in Minnesota and North Carolina. Colin Ryan, John Huguenard, David Berglund, Pete Pittroff and Patrick Nally of JLL arranged the equity investment with Rockpoint Group LLC, a Boston-based real estate private equity firm, on behalf of the Minneapolis-based developer, Oppidan Investment Co.
Blake Hastings, Jay Moore and Tim Brent of Oppidan are leading the project development.
“We are excited to embark on a programmatic relationship with Rockpoint and continue to grow the industrial and logistics vertical at Oppidan,” says Blake Hastings, president of Oppidan. “Our cultures are very well aligned, and we look forward to a long, deep relationship.”
The portfolio will include nine buildings on three construction sites that total about 1.6 million square feet. Five buildings are expected to begin construction this year, and completion of all nine are anticipated by 2023. The Minnesota facilities are planned for industrial use while the North Carolina facilities will be for life sciences firms.
Two of the nine buildings will be within Chaska Creek Industrial Park, which is 26.5 miles from Minneapolis in Chaska. The two-building bulk warehouse will be expandable for a variety of industrial operations.
Three buildings will be situated within Bunker Lake Business Park, which is located 28.1 miles from Minneapolis in Ramsey. Bunker Lake’s design will accommodate different types of industrial operations as well. There are currently no other active or speculative industrial property opportunities within Ramsey city limits, according to JLL.
Lastly, four buildings will be a part of Cash Corporate Life Sciences Park, which is located approximately 13.8 miles from Raleigh and about 28.2 miles from Durham. The four-building life sciences project will be constructed on a 121-acre site at 2100 Production Drive in Apex.
According to JLL, the project represents the largest developable industrial site in the city. Cash Corporate Life Sciences Park has a talented employment base due to its proximity to premier research universities. The park is about 30.1 miles from University of North Carolina at Chapel Hill, about 29.9 miles from Duke University and about 10.7 miles from North Carolina State University.
Oppidan Investment Co. provides development, construction and project management and brokerage services to a range of property sectors, including industrial and mixed-use. The company has developed about 550 projects that are valued at $4 billion.
Rockpoint Group is a real estate private equity firm that targets properties with long-term value. The company has raised about $25 billion in capital commitments.
— Julia Sanders