CBRE Brings Vacant 335,400 SF Distribution Center in Rogers to Full Occupancy
28 Mar 2018
CBRE announced today it has executed a lease on behalf of Indianapolis-based Scannell Properties for an undisclosed tenant to occupy the 335,400-square-foot Wilfred Distribution Center in Rogers, Minnesota. The new lease represents the largest industrial lease transaction in the Minneapolis-St. Paul industrial market in 18 months.
Matt Oelschlager, John Ryden and Mike Bowen, Scannell's listing team in CBRE's Minneapolis office, finalized a lease within nine months of being awarded the assignment and tenant occupancy within one year of Scannell's acquisition of the building.
"We acquired the asset knowing it offered some flexibility to tenants and filled an important void in a market with limited options for large users. Our listing team at CBRE really helped create the vision for revitalizing the property from day one and did a fantastic job engaging the market," said Dan Salzer, Development Manager for Scannell's Minneapolis office.
The property at 13201 Wilfred Lane N. had been vacant since the previous tenant left the property in the summer of 2015.
"We are excited to see our vision become reality, and more than anything, to be part of this important project for our tenant," added Salzer.
Mr. Oelschlager and Travis Price of CBRE's Cincinnati office also represented the tenant in the transaction.
Prior to this transaction, the Rogers submarket had approximately 1.1 million square feet of bulk warehouse vacancy.
The Wilfred Distribution Center is a well-maintained and recently renovated warehouse facility strategically located near Interstate 94. The building offers 32' clear height, 41 dock doors, and abundant trailer drops. The building can also be expanded up to 476,000 square feet.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.