Endeavor sells Arbor Lakes Business Park Buildings 3 & 4 in Maple Grove for $66 million

Two recently built industrial buildings in Maple Grove's Arbor Lakes Business Park have sold for a combined $66.5 million.

Edina-based Endeavor Development confirmed this week it sold Buildings 3 and 4, each of which has about 221,500 square feet of space. The buildings are located near the Interstate 94 and Highway 169 interchange. Endeavor developed the buildings in 2022 and 2023.

The buildings sold to LIPT Arbor Lakes LLC in a deal that closed Nov. 19, Endeavor confirmed the buyer is tied to LaSalle Investment Management, a subsidiary of JLL (NYSE: JLL). LaSalle Investment Management could not immediately be reached for comment.

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Ninth building coming to Arbor Lakes Business Park

The Arbor Lakes Business Park in Maple Grove continues to expand its footprint as another building of nearly 200,000 square feet will be added to the park, according to public documents and Maple Grove city staff.

Endeavor Development has been developing the property, and the latest addition would be the ninth building on the site.

In the Arbor Lake Business Park’s concept stage plan, the building was 158,000 square feet, but an amendment was approved by the Maple Grove City Council at its May 6 meeting to increase the project size to 198,000 square feet.

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Countertop supplier MSI plans 200,000-s.f. buildout in Maple Grove's Arbor Lakes

A countertop and flooring supplier is planning to move into a new build-to-suit facility in Maple Grove’s Arbor Lakes Business Park.

M S International Inc. (MSI), based in Orange, California, plans to relocate its current operations from Plymouth, Minnesota, to a new, 195,013-square-foot facility by summer 2024. The $25 million project is being developed by Endeavor Development of Edina.

A supplier of countertops, flooring wall tile and hardscaping products, MSI’s new facility will be a regional headquarters for its operations across Minnesota and the Dakotas, said Sanjay Sanghvi, senior vice president at MSI.

The new facility will include a showroom and space for sales, administrative, warehouse and distribution functions. It will replace the company's current facility in Plymouth, at 10205 10th Ave. N., which is just under 100,000 square feet in size. The firm has over 50 Twin Cities employees, with more expected to be hired with the move.

The firm has experienced significant success in the Twin Cities market, seeing even more opportunity for growth, Sanghvi said.

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Caribou Coffee Signs 100,000-s.f. lease and Cameron Ashley Signs 70,000-s.f. lease at buildings developed by Endeavor

Caribou Coffee Co. has signed on to lease over 100,000 square feet at Maple Grove’s Arbor Lakes Business Park.

Edina-based Endeavor Development, which is leading the development of Arbor Lakes, announced the new lease with the Brooklyn Center-based coffeehouse chain this week. Caribou is expected to move into the new space at the start of 2024, according to Josh Budish, principal of Endeavor.

The lease will take up nearly half of the fourth building developed as part of Arbor Lakes. That Class A industrial building, completed this past summer, spans 221,549 square feet.

That wasn't the only sizable deal for Endeavor this month. Greer, South Carolina-based Cameron Ashley Building Products signed a lease for 76,775 square feet at Endeavor's I-94 Logistics Center in Rogers, according to Endeavor. That building spans 263,775 square feet.

“We continue to experience demand for our assets” across its portfolio in the Twin Cities, Budish said.

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Endeavor recapitalizes its first three developments in $31.75 million transaction

Endeavor Development and the equity partner involved in the company's first speculative industrial projects have completed a deal that allows that partner to exit and a new one to join.

That deal involved a joint venture made up of Edina-based Endeavor and Lake Forest, Ill.-based Westminster Capital selling the portfolio for $31.75 million to a newly formed joint venture between Endeavor and Chevy Chase, Md.-based Artemis Real Estate Partners, according to Endeavor Principal Josh Budish. The deal closed August 14th.

“We are excited to embark on a relationship with Artemis as we continue to grow our industrial portfolio at Endeavor via acquisition and development,” Budish said in a statement. “Our parties are very well-aligned, and we look forward to our future together.”

Endeavor and Westminster purchased the properties in 2020 to build the projects, Budish said, adding that Westminster has been a "great partner for us from the beginning. The investment strategy was build, lease and sell these assets, and today marks the completion of that strategy."

Read the full article online at Minneapolis/St. Paul Business Journal.

Maple Grove's Arbor Lakes Business Park lands tenant for 150,000-s.f. lease

A local HVAC company has signed a 150,000-square-foot lease in Maple Grove's Arbor Lakes Business Park.

MAS HVAC, a Circle Pines, Minnesota-based manufacturer that focuses on providing custom energy recovery, air movement and heat exchange solutions for large commercial air-conditioning equipment, will move into its newly constructed location in January.

MAS HVAC's new location will be located in the sixth building to be constructed or planned within the new Arbor Lakes Business Park, which is located in the southeastern quadrant of Maple Grove. It's in close proximity to both Highway 169 and Interstate 94.

"Arbor Lakes [is] a great location for labor and amenities and just the quality of the building, " Masica said, adding that the building's look is "unique" for the industrial sector.

MAS HVAC moved its company to the Twin Cities four years ago, founder Clarke Story said in the release. Founded in 2010, the firm was initially based in the Jacksonville area of Florida. In 2017, it won a Jacksonville Business Journal Fastest Growing Company award.

Read the full article online at Minneapolis/St. Paul Business Journal.

Medical-device manufacturer Nextern consolidating into new $25M Maple Grove HQ

Medical-device manufacturer Nextern Inc. plans to consolidate its 225 employees into a new corporate headquarters in the Arbor Lakes Business Park in Maple Grove.

Previously referred to as “Project Next” in Maple Grove city documents, Nextern’s new headquarters will be located amongst three industrial buildings planned by Edina developer Endeavor Development. Endeavor broke ground on the new $25 million building May 1, said Nextern’s CFO Brian Iacono. Nextern is looking to move in the summer of 2024 and will be leasing the roughly 110,000-square-foot space.

Endeavor started working on the addition to Arbor Lakes Business Park after purchasing the land in March. That same month, the Maple Grove City Council approved a $2.43 million tax increment financing agreement for the business park. Endeavor's founder, Josh Budish, has described the Arbor Lakes development as "truly modern," and touted its proximity to the large Arbor Lakes retail center. The project is located at the southeast corner of Fountains Drive and Zachary Lane, near Interstates 94 and 694.

Read the full article online at Minneapolis/St. Paul Business Journal.

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.”

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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.

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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.

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Maple Grove Spec Building

Endeavor Development has plans for another spec industrial building in Maple Grove. The 11-acre property is located only half a mile south of Minnesota State Highway 610 and approximately 2 miles west of U.S. Highway 169.

This future building site is located near another Endeavor project, Arbor Lakes Business Park. According to Josh Budish, they continue to invest in Maple grove because it is a great location. “While direct tenants have not yet been identified, it is anticipated that the proposed building would lease rather quickly,” the plan said.

According to the city’s development plans, the proposed development would increase the number of higher-wage employment opportunities and support nearby retail, restaurants and service businesses with an increase in weekday and daytime consumers in the area.

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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.