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Endeavor, PCCP JV on Second Phase of Twin Cities Industrial Park
Endeavor Development and PCCP have formed a joint venture for the ground-up development of two Class A industrial buildings totaling 443,096 square feet in Maple Grove, MN, a northwest suburb of Minneapolis-St. Paul. The site will be the second phase of Arbor Lakes Business Park. The first phase was recently developed by Duke Realty and is 100% occupied.
“This second phase of Arbor Lakes Business Park is a prime development site within the most active industrial submarket of the Minneapolis-St. Paul region which has experienced low vacancy and high levels of demand over the past several quarters,” said Endeavor principal Josh Budish.
JLL Capital Markets’ David Berglund and Colin Ryan arranged the JV equity partnership between PCCP and Endeavor and also represented the JV in the land purchase. Colliers’ Scott Loving handled the debt placement and CBRE’s Dan Swartz will handle leasing.
- ◦Development