In August, 2020, construction began on the largest piece of undeveloped land left in the Golden Triangle.
The one-story 130,000-square-foot industrial park facility will have 182 parking spaces, electric vehicle charging stations, 19 loading dock doors and 28-foot high ceilings. Construction will be complete in mid-June, 2021.
The development is located at the intersection of Valley View Road and Golden Triangle Drive, just north of West 74th Street. The area is bounded by 494 on the south and 212 and 169 on the west and east, respectively.
“This is one of the last locations available in Eden Prairie,” Kit Bennett, Senior Manager of Real Estate Development at The Opus Group. “Nothing much in industrial space has been built in the past 10-15 years.”
“The City of Eden Prairie was responsive and met our demands as a developer while keeping a strict set of codes in place” said Bennett. “They were great.”
“Industrial park” generally refers to a multi-unit building with some office space in the front of a unit with considerably more space for manufacturing or warehousing in the back. Each bay or unit at Golden Triangle Corporate Center is roughly 10,000 square feet. Tenants often combine units based on their needs.
“There are typically lots of prospective tenants who need 30,000-60,000 square feet,” reported Bennett. The Opus Group has no leases signed yet though negotiations with several parties are underway. “This design allows for lots of flexibility,” said Bennett. Jones Lang LaSalle will manage the property.
The facility’s high ceilings should be attractive to e-commerce fulfillment, a segment in industrial real estate that continues to grow.
Bennett puts industrial space at “probably half right now” of The Opus Group’s development projects, with senior, market rate and student housing comprising other significant markets. The firm will typically identify a property then increase its value through investment in development and leasing before selling it and re-investing the proceeds in a new project. The Opus Group is based in Minnetonka with offices in eight cities (six in the Midwest and two in the Southwest).
Risky business? “The location is excellent for industrial space, with access to 62, 212, 169, 494 and the new Southwest Light Rail Transit extension,” said Bennett. “And people just want to live and work in Eden Prairie.”