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United Properties Breaks Ground on Five Twin Cities Projects
United Properties has broken ground on five industrial facilities in the Twin Cities, bringing nearly 750,000 square feet to the market. Half of the space has already been pre-leased, which the developers say is a testament to the market’s strength.
“Despite the uncertainty around the economic impacts of COVID-19, and most recently the rising construction costs and material lead times, we continue to see robust leasing velocity and new tenant requirements across the Twin Cities,” says Brandon Champeau, SVP and market leader, United Properties. We were poised to act on this demand, and the build-to-suit and pre-leasing activity in our speculative projects is evidence of the strength of our site positions in each submarket.”
Four of the five buildings are part of a recently announced $165-million joint venture partnership between United Properties and PCCP. The joint venture will develop an 11-building industrial portfolio in Minneapolis, Denver and Austin.
- ◦Development
