CBRE Announces Lease-Up of 317,400-SF Master-Planned Business Park in Blaine, Minnesota

CBRE announced that Blaine35, a master-planned business park comprising three buildings totaling 317,400 sq. ft., has been fully leased.

Action Target, a shooting range equipment manufacturer, leased 31,120 sq. ft. in Building A and plans to occupy the space in May 2023. Aspect Automation, an automated manufacturing solutions provider, leased Building B, a 98,900-sq.-ft. facility, and plans to move into the space in November 2023. Together, the two leases bring the park to 100% occupancy.

CBRE’s Dan Swartz and Austin Lovin handled lease negotiations on behalf of the developer, Winnipeg, Canada-based Artis REIT.

Located at 8611, 8700, and 8650 West 35W Service Drive NE, Artis REIT acquired the development site in May 2021 and began construction on Building A, a 118,350-sq.-ft. facility, in June 2021. Building C, a 100,000-sq.-ft. facility, was completed in December of 2022, and Building B was completed in September 2022.

The park’s other tenants include:

• Chandler Industries, a Minneapolis-based aviation and aerospace component manufacturer, fully leased Building C and occupied the facility in January 2023.
• Caerus Corp, a local medical technology manufacturer, leased 34,500 sq. ft. in Building A and occupied the space in July 2022.
• Jonco Die Inc., a steel rule cutting die manufacturer, leased 52,730 sq. ft. in Building A and occupied the space in May 2022.

The Minneapolis industrial market continues to see tremendous growth and quality developments will continue to be in high demand from a wide range of users,” said Swartz. “Each of these leases were the result of users expanding which is illustrative of what we are seeing in the market.”

“Artis continues its success working with CBRE on Blaine 35 – a site that had excellent ingress/egress but challenging wetland remediation. We also thank the City of Blaine for their cooperation, RJ Ryan for quality services, and our tenants who have confirmed the project’s quality,” added Philip Martens, CPA, Executive Vice President for the US Region at Artis REIT.

Situated on the northwest corner of the I-35W and 85th Ave. NE intersection, the park provides tenants direct access to I-35W, Highway 10 and Highway 65. It is 15 minutes away from downtown Minneapolis, three minutes from Anoka County Airport and 28 minutes from Minneapolis-St. Paul Airport.

Leasing velocity on new construction remained high in the first quarter of 2023, with 20% of activity taking place in developments built since 2022, according to CBRE Research. New leases and expansion accounted for 58% of all market activity in the quarter.