Cushman & Wakefield/Northmarq Inks 203,000-Sq.-Ft. Lease Renewal in Metro Minneapolis
PLYMOUTH, Minn., June 20, 2012 - Commercial real estate services firm Cushman & Wakefield/Northmarq has arranged a 203,000-square-foot lease renewal with Office Depot at Xenium Distribution Center, 1105 Xenium Lane North in Plymouth, Minn. Dave Paradise and Sydney Johnson of Cushman & Wakefield/NorthMarq in Minneapolis represented the landlord in the direct deal.
"The landlord is pleased to continue its relationship with Office Depot," said Paradise. "The tenant will continue to utilize this location as a regional office and distribution center."
The single-story 1105 Xenium Lane North totals 335,000 square feet and offers 32-foot ceiling heights. The location is just 15 minutes west of downtown Minneapolis, with easy access to I-494, I-394 and Route 6.
"The property currently has a 59,000-square-foot availability," said Paradise, whose firm has the leasing exclusive for 1105 Xenium Lane North. "We are seeing a great deal of interest in this availability and expect to have an announcement soon.
"We are seeing good activity in the regional industrial market, with users and tenants starting to look around," he added.
Cushman & Wakefield, Inc.'s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2011, in the US alone, this group completed more than 6,100 industrial real estate transactions - totaling 225 million square feet - with an aggregate value in excess of $6.5 billion.