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Creativity used to navigate one tenant relocation and expansion of two tenants in Minneapolis
Minneapolis, MN (May 22, 2012) — Jones Lang LaSalle has completed simultaneous transactions totaling nearly 70,000 square feet of space within the Rogers Corporate Center in Rogers, MN, outside of Minneapolis, MN. Rogers Corporate Center is owned by Dallas-based Cobalt Industrial REIT. Jones Lang LaSalle is the exclusive leasing agent for Rogers Corporate Center I.
Northstar Imaging has leased the entire Rogers Corporate Center I building, located at 19875 Diamond Lake Road South. The building totals 58,445 square feet of space. In order to accommodate the continued growth and expansion of Northstar Imaging, the Jones Lang LaSalle leasing team of Chris Hickok, CCIM, Executive Vice President, and Dan Terry, Vice President, first had to work with an existing tenant to relocate it to another location in the development.
North Star Imaging has focused on industrial x-ray testing since it was founded in 1986. Today, in addition to its equipment representative and accessory supplier business, North Star Imaging offers complete x-ray and liquid penetrant system solutions designed and built at the company’s corporate facility.
To serve the needs of an existing tenant, on behalf of Cobalt Industrial REIT, Jones Lang Salle approached Safeworks about relocating its operations to Rogers Corporate Center Building II. The combination of its own need for expansion space, and an attractive proposal offered by Cobalt, Safeworks relocated to 8,800 square feet in Rogers Corporate Center II.
Safeworks is the largest manufacturer and distributor of access and safety solutions in North America. The company occupied approximately 6,400 square feet of space in the center of Rogers Corporate Center I.
With the relocation of Safeworks, Northstar Imaging completed a new, long-term lease for Northstar Imaging at the 58,445-square-foot Rogers Corporate Center I building. Northstar Imaging, also a tenant of Building I, had expanded by 20,000 square feet one year ago, and needed to expand again. The building features 11 docks and drive-in doors, 24’ clear ceiling heights and excellent access to I-94 via Highway 101 and Diamond Lake Road.
“Regardless of general market conditions, it is always important to keep good tenants,” Chris Hickok, CCIM, Executive Vice President, Jones Lang LaSalle, said. “Cobalt recognized that and demonstrated its commitment to Northstar and the complex in working creatively to expand and relocate Safeworks to pave the way for Northstar.”
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
About Cobalt Capital Partners
Cobalt Capital Partners, a Dallas-based private equity firm, acquires, manages and develops light industrial properties in major metropolitan markets throughout the United States. Cobalt Industrial REIT II is a private REIT advised by Cobalt Capital Partners. Across its national platform, Cobalt Capital Partners entities own over 31 million square feet of light industrial space in 18 major metropolitan markets.
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