Endeavor Closes on Land for Arbor Lakes Buildings

Another round of industrial construction is coming to Maple Grove as Edina-based Endeavor Development has acquired the land it needs to build three new buildings at the Arbor Lakes Business Park.

Endeavor closed this week on a $20 million deal for three parcels within the business park at the intersection of Interstates 94 and 694, according to real estate records made public Thursday.

Brett Angell, Maple Grove’s assistant community and economic development director, told the Maple Grove City Council Monday that the projects include two speculative buildings and one for an unidentified med tech user.

The buildings will generate about 270 jobs, which is well above the city’s requirement of 100 jobs for TIF assistance, Angell said.

Joe Bergman, Endeavor’s vice president of development, said at Monday’s City Council meeting that Endeavor “wouldn’t be able to get these projects done without the support of the Council and this financing mechanism.”

Read the full article online at Finance & Commerce.

More Construction at Arbor Lakes

Endeavor Development plans to begin construction this month on a 223,000-square-foot building located at the intersections of Interstates 94 and 694. This is its fourth building at the Arbor Lakes Business Park in Maple Grove. Josh Budish, founder of Endeavor Development, said they have city approval for another five buildings totaling 900,00 square feet of space.

“We have five buildings designed, over 900,000 square feet of new construction. It’s a continuation of phases one and two. The design is modernized a little bit from when we first started the project,” Budish said

According to Budish, this Maple Grove location is showing interest from both office users and retailers as possible tenants, partly due to the visibility from Interstate 694.

This project is part of Endeavor Development's growing portfolio which has 1.7 million square feet of projects planned throughout Minnesota, Wisconsin and Iowa.

Read the full article online at Finance & Commerce.

Industrial Demand Outpaces Supply

Demand for industrial development has exceeded expectations and industrial leasing activity remains strong. This is based on the 2022 Midwest Industrial Outlook reported by JLL.

Supply chain distribution and increased material costs are two construction challenges slowing industrial development even though there is high demand. Sam Newberg, research director with JLL noted “developers who have ordered their building materials ahead of time are the ones who will be able to get into the ground first. So it's sort of a race.”

According to the report, there is also an increase in the percentage (61%) of spec buildings that are preleased before construction is complete which is up from the past 7 year average (45%).

"The top developers include Scannell Properties, which developed more than 2 million square feet of industrial space — 43% being spec — between 2020 and 2021. Next in line is United Properties with 903,000 square feet, 91% of which was spec. Opus Group, Endeavor and WPT Capital round out the list with entirely speculative properties” reported by J.D. Duggan from Finance & Commerce.

It was also noted that several spec industrial developments are pushing farther out into areas such as the northwest corridor as metro areas are running out of space and vacancies are decreasing.

Read the full article online at Finance & Commerce.

Maple Grove’s Industrial Surge

Endeavor Development is once again making its move in the Maple Grove market with a third phase in the Arbor Lakes Business Park. Maple Grove City Council approved plans for three industrial spec buildings totaling 531,000 square feet to be built within the sprawling suburb. Phases one and two included 980,000 square feet of industrial space off Zachary Lane and Fountains Drive.

“We’ve had a lot of interest in the marketplace, and we want to ensure that we can find a home for these business sites,” said Brett Angell, Maple Grove economic development manager.

Maple Grove isn’t new to the industrial scene with several area businesses already calling this area home but there is still room for growth within the city. Endeavor Development and the Maple Grove City Council agree on the benefits of industrial development within the city; they are creating new job opportunities and supporting job growth within the community.

Read the full article online at Finance & Commerce.

Mount Pleasant I-94 Spec Development

Endeavor Development recently acquired a farmland site in Mount Pleasant, Wisconsin.

The company plans to build at 204,000-square-foot industrial spec building on the 13-acre site said Brian Schack, development manager for Endeavor Development. Located near I-94 and northeast of the I-94 and Highway 11 interchange, this project will be highly visible and offer easy access from I-94. “It’s a great area for this type of product,” said Schack.

Endeavor specializes in industrial real estate development, investment and management. Areas on the 1-94 corridor between Milwaukee and Illinois, including Mount Pleasant, are seeing numerous industrial development projects. According to Schack, the firm is working on acquiring other sites in the Milwaukee area for spec industrial development projects.

Construction is expected to begin in the spring and be complete in the first quarter of 2023.

Read the full article online at BizTimes.

Spec Industrial Project in Ankeny

Minneapolis-based Endeavor Development has acquired 11 acres in Ankeny, Iowa for building an industrial park.

A site plan has been approved by the Ankeny Plan and Zoning Commission for the property development located in Polk County off Interstate Highway 35 suitably called I-35 Distribution Center.

The 180,000 square foot building planned for the site will include 107 standard parking stalls and 15 trailer parking stalls according to the plan. Construction of the I-35 Distribution Center is expected to begin in the spring.

Read the full article online at Business Record.

Arbor Lakes Office Park

Edina-based Endeavor Development teams with California firm, PCCP on the latest Arbor Lakes office park in Maple Grove. This new commercial project is phase two of the Arbor Lakes Business Park located conveniently near major highway intersections and retail shopping.

The building plan includes two new buildings that feature 32-foot clear heights, sprinkler systems and dock doors. The buildings will be 443,096 square feet combined, share a 180-foot truck court and will be built to accommodate a variety of prospective business tenants, officials said.

This is a prime location with "low vacancy and high levels of demand" Budish said. Industrial park projects have seen an increase in demand as more people are shopping online during the pandemic - creating a need for more warehouses, data centers and logistical sorting stations.

"PCCP and Endeavor Development's collective experience in the market, as well as the elevated recent demand from users here, make this an attractive opportunity for us to develop a quality facility in a prospering area," PCCP Vice President Alexandra Schultz said in a statement.

Read the full article online at Star Tribune.

Industrial Project in Eagan

Endeavor Development acquired 7.7 acres in Eagan for a Class A warehouse to be named Yankee Doodle Business Center.

The plan is to build a 112,500-square-foot building with a height of 28 feet, 11 dock doors and 2 drive-in doors. Eagan currently has a 4 percent vacancy rate according to JLL, who will be marketing this project for lease.

Construction is planned for an April start date with completion in the fall of 2021.

Read the full article online at REBusinessOnline.