VOLUME 30, NUMBER 9
©2014 Law Bulletin Publishing Co.
September 2014
StuartCo, Simon meet a need, bring luxury apartments to Twin Cities suburb By Dan Rafter, Editor
T
he multi-family market is hot in the Twin Cities, and not just in the hearts of Minneapolis or St. Paul. The close-in suburbs of the Twin Cities are attracting their own share of renters. That’s why One Southdale Place Apartments, the newly opened luxury multi-
family project by StuartCo and Simon makes so much sense. These apartments opened in early September in Edina, a Twin Cities suburb that is badly in need of luxury rental units. How high is the demand for the type of apartments One Southdale Place offers? StuartCo and Simon say that one-third of the units in One Southdale Place were leased before the apartment project even opened. Apartments to page 20
Duke Realty: Booming business at Gateway North Business Park just more proof that Twin Cities’ industrial market is on the rise By Dan Rafter, Editor
T
he Gateway North Business Park in Otsego, Minn., has kept Duke Realty Corporation busy. And to Duke officials, the steady flow of build-tosuit activity here is just one more example of the growing strength of the Minneapolis-area industrial market. "There have been articles about this for a few years
now, but there is a lack of bulk modern warehouse space in the Minneapolis/St. Paul market," said Josh Budish, vice president of leasing and development for Duke Realty Corporation. "The type of modern space that we are building at Gateway North is the type of product that a lot of users are looking for." In the latest example of this, Duke in late summer closed a long-term lease with Blu Dot, a designer and distributor of modern furniture, for a 150,064-squarefoot build-to-suit warehouse in this business park that
sits about 30 miles from Minneapolis. But that's just the latest big build-to-suit deal that Duke has closed in Gateway North. In July of this year, Duke signed furniture retailer Room & Board to a long-term lease for a new 485,804-square-foot warehouse in the park. And in January, Duke reached a deal with Des Moines, Iowa-based Ruan Transportation Management Systems for a new 300,000-square-foot Gateway to page 22