Opus, Carlson Collaborate on Business Park in Minneapolis
- Feb 19, 2015
The Opus Group has inked an agreement with Carlson Real Estate Co. to build out 35 acres, or roughly two-thirds, of Carlson’s The Oaks Business Park at the northeast corner of I-94 and I-694 in Oakdale, Minn., Opus announced Wednesday.
Opus will be the park’s developer and design-builder and will collaborate with Carlson on acquisition and development of the 35 undeveloped acres in the 55-acre park, Phil Cattanach, senior manager/real estate development, Opus Development Co., L.L.C., told Commercial Property Executive.
The Oaks currently is home to about 100,000 square feet of flex tech space, 60,000 square feet of single-story office space and four office suite buildings totaling 36,000 square feet, Cattanach said. The remaining 35 acres is development-ready with infrastructure in place.
The planned approximately 450,000-square-foot buildout of office and flex space reportedly could accommodate 30,000-square-foot users up to 150,000-square-foot multi-story office users. The park offers a range of development sites, from those with freeway visibility to more secluded sites overlooking natural wetlands and water features.
The project’s cost is not being disclosed, nor has a timeline for development been announced yet.
Opus Development Co., L.L.C. has retained Cushman & Wakefield/Northmarq to market the site.
“The proximity to the Woodbury retail amenities, coupled with unparalleled visibility from the freeway, distinguishes this site as one of the last remaining freeway-frontage developments of this density in the metropolitan area,” Pete Carlson, senior vice president of Opus Development Co., L.L.C., said in a release
More than 1.2 million square feet of retail sits within a two-mile radius of the site: Oakdale Village Shopping Center (150,000 square feet), Tamarack Village (790,000 square feet) and Woodbury Lakes Lifestyle Center (330,000 square feet).