Duke Realty Developing Build-to-Suit Warehouse for Milestone AV Technologies
MINNEAPOLIS-ST. PAUL, MN The Minneapolis-St. Paul, Minnesota, office of Duke Realty Corporation (Duke Realty), a leading nationwide REIT (Real Estate Investment Trust) specializing in the ownership, management and development of quality industrial facilities, announces that Milestone AV Technologies, a leading manufacturer and marketer of branded audio-visual products, has signed a long-term lease for a new 242,004-square-foot, build-to-suit manufacturing and distribution facility. Milestone will consolidate its operations in Shakopee and Savage into the new building, which will be located in Gateway South, a newly announced 46.12-acre industrial park being developed by Duke Realty in Shakopee, Minnesota. Located at Highway 101 and Shenandoah Drive, Gateway South currently has more than 20 acres of land available for development that can support up to 420,000 square feet.
"We are pleased that Milestone AV Technologies selected Duke Realty and Gateway South for its new manufacturing and distribution center," said Josh Budish, Vice President of Leasing and Development for Duke Realty's Minneapolis-St. Paul operations. "We look forward to providing our new client with a modern, Class A facility that will enable them to consolidate their manufacturing and distribution functions and provide them with growth for the future."
Duke Realty, which owns and manages more than 4 million square feet of industrial properties in the Minneapolis-St. Paul metro area, purchased the Shakopee site in September 2015.
"Our existing portfolio is essentially 100 percent leased, making it challenging to respond to prospective customers' requests or offer an alternative to existing tenants that have grown and need additional space," said Budish. "Gateway South gives us the opportunity to offer companies looking for warehouse space a highly visible and accessible site and grow our footprint in the market."
In addition to constructing Milestone's new facility, Duke Realty is completing infrastructure improvements at the site. To facilitate development in the area, the city of Shakopee and Scott County are completing off-site roadwork, including widening and resurfacing surrounding roadways and installing traffic signals.
Bill Ritter, Colliers International, represented Milestone AV Technologies in the transaction, while Kris Smeltzer, Cushman & Wakefield/Northmarq, and Budish represented Duke Realty.