First Industrial, CalSTRS Break Ground in Master-Planned Minneapolis Industrial Park
- Aug 13, 2008
First Park Lakeville, First Industrial Realty Trust Inc.’s 1.4 million-square-foot master-planned industrial park in suburban Minneapolis, will soon get a new tenant, now that the developer has broken ground on a 285,000-square-foot distribution center for Uponor North America. Located in Lakeville, Minn., about 25 miles from Minneapolis, the 140-acre First Park is a project of First Industrial’s development and repositioning joint venture with public pension fund California State Teachers’ Retirement System.Commercial real estate firm CB Richard Ellis Inc. participated in the negotiation of the development deal between First Industrial and Uponor, whose facility will sit near CR 70 and Dodd Blvd., two miles east of the NAFTA Highway and a half-mile from Airlake Airport. For Uponor, a supplier of plumbing, fire safety and radiant heating and cooling systems, the new locale will allow the company to increase its supply chain for the North American market. RJ Ryan Construction Inc. is onboard the project as general contractor, while Mohagen Hansen Architectural Group has been tapped to design the facility, which will be developed to achieve LEED certification. The sprawling industrial campus that Uponor will be came a part of will be plenty green; a 282,000-square-foot spec distribution center currently in the works at First Park will also be designed in line with LEED standards. Headquartered in Chicago, First Industrial’s activities include the acquisition, development, leasing and management of industrial properties ranging from R&D/flex and manufacturing to regional and bulk distribution. The company’s portfolio spans over 30 markets in the U.S., Canada, The Netherlands, Belgium, France and Germany, and encompasses 100 million square feet of owned, managed or in-progress space. First Industrial stock opened today at $24.