Just Sold: Launch Park partners pay $3.7 million for Rogers site

FINANCE&COMMERCE

By: Anne Bretts

Published: December 26, 2014

Highway 101 and 147th Avenue, Rogers

A joint venture between Launch Properties and Greenfield Partners has closed on a $3.67 million deal to acquire and develop the site for the new Launch Park Rogers, a nearly 32-acre master planned industrial park approved for construction in the spring.

GL Rogers LLC, an entity related to Westport, Connecticut-based Greenfield Partners, closed Dec. 10 on the purchase of 31.6 acres from NR Rogers LLC, an entity of Roseville-based Launch Properties, according to a certificate of real estate value that became public Monday. The price works out to $116,661 per acre.

Launch is led by co-principals Mark Nordland and Dan Regan. Steven Buss and Judd Welliver of CBRE Institutional Properties in Minneapolis represented Launch in the sale.

Launch Park Rogers is in the southwest quadrant of Highway 101 and 147th Avenue, about 1.8 miles north of Interstate 94.

Construction has started on a 30,000-square-foot build-to-suit warehouse/distribution building, which is fully leased to TurbinePROs LLC. A 168,000-square-foot speculative industrial warehouse and distribution facility is also under construction with 32-foot clear height. The final phase of the industrial warehouse/distribution development is a 215,000-square-foot, 32-foot clear height, cross-docked building.

Purchase price: $3,686,484

Price per acre: $116,661

Property ID: 11-120-23-24-0005

Date of deed: 12-10-14

ECRV released: 12-22-14