News release

$157.3M equity partnership arranged for 9-property industrial pipeline

JLL Capital Markets arranged the joint venture partnership for the development of 1.55M-SF of bulk distribution and life sciences projects in Minnesota and North Carolina

August 05, 2021

MINNEAPOLIS, Aug. 5, 2021 – JLL Capital Markets announced today that it has arranged a $157.3 million joint venture equity partnership for the development of three high-quality bulk distribution and life sciences projects totaling 1.55 million square feet in Minneapolis-St. Paul, Minnesota, and Raleigh-Durham, North Carolina.

JLL represented the developer, Oppidan, a national property development firm headquartered in Minneapolis, to arrange the partnership with Rockpoint Group.

The pipeline comprises nine state-of-the-art buildings on three development sites. Five buildings are expected to begin construction this year, with anticipated completion for all nine in 2022 and 2023.

The future Chaska Creek Industrial Park is in the southern part of the Minneapolis-St. Paul MSA in Chaska. The two-building bulk warehouse will be expandable for a variety of industrial operations and surrounded by amenities.

In Ramsey in the northern part of the Minneapolis-St. Paul MSA, Bunker Lake Business Park’s three-building design will be able to accommodate different types of industrial operations within the area. There are currently no other active or speculative industrial asset opportunities within the Ramsey area.

The Raleigh-Durham project – Cash Corporate Life Sciences Park – will be a four-building life sciences project constructed on a 121-acre site at 2100 Production Dr. in Apex. It represents the largest developable industrial site in Apex, and is proximate to a large, talented employment base as well as the University of North Carolina, Duke University and North Carolina State University.

“We are excited to embark on a programmatic relationship with Rockpoint and continue to grow the industrial and logistics vertical at Oppidan,” said Blake Hastings, Oppidan President. “Our cultures are very well aligned, and we look forward to a long, deep relationship.”

The JLL Capital Markets team that represented the developer was led by Senior Managing Directors Colin Ryan, John Huguenard, David Berglund and Pete Pittroff and Managing Director Patrick Nally.

Oppidan President Blake Hastings; Senior Vice President of Development Jay Moore; and Executive Vice President – Southeast Tim Brent are leading the project development for Oppidan.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Oppidan

Since 1991, Oppidan Investment Company has been providing development, construction and project management, asset management, and brokerage services to the retail, industrial, commercial, residential, senior housing, affordable housing and mixed-use markets. Oppidan has developed more than 550 projects valued at more than $4 billion and spanning 25 million-square feet throughout 39 states and parts of Canada. Oppidan’s client list includes Duluth Trading Company, Ebenezer, Northern Tool, Cub Foods, Hornbachers, Target, Sprouts, GE Oil & Gas, Goodwill, Caliber Collision and more. Oppidan has been named a Best Places to Work by Minneapolis/St. Paul Business Journal for two years in a row. To learn more about Oppidan, visit

About Rockpoint Group 

Rockpoint Group, L.L.C. (“Rockpoint”) is a real estate private equity firm headquartered in Boston and with additional primary offices in San Francisco, Dallas and London. Rockpoint employs a fundamental value approach to investing and targets select product types located in major markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to replacement cost and stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, Rockpoint’s co-founders with others have sponsored 15 commingled funds and related co-investment vehicles through Rockpoint and a predecessor firm. In total, they have raised approximately $25 billion in capital commitments and invested or committed to invest in 435 transactions with a total peak capitalization of approximately $65 billion (inclusive of fund equity, co-investor equity and debt). To learn more about Rockpoint Group, visit