Minnesota Interstate Development Launches Homegrown Economy Building Endeavor

Eden Prairie, Minnesota – Interstate Development, a commercial real estate and development company, launches a campaign to help build the Minnesota economy by buying affordable commercial premises to lease to local businesses. This effort has netted Interstate Development more than US$17 million in assets.

Eden Prairie, United States - January 23, 2017 /PressCable/ —

Interstate Development, formerly Interstate Partners – Minnesota, based in Eden Prairie, announces its acquisition of several prominent commercial buildings in Minnesota, which assist in maintaining the region’s economic viability. These newly purchased properties will house several businesses interests such as Pryes Brewing Co., a brewery, Minneapolis Bouldering Project, a rock climbing facility, and First Student, a school bus transport company, as well as Fairview Health Services, a medical facility, and the Star Tribune, a regional newspaper. Other tenants include CSC ServiceWorks, a laundry service, Grimmspeed, a car parts engineering firm, and Ryder Logistics, a transport company.

More information is available at Interstate Development.

The commercial buildings bought by Interstate Developments include a number of buildings, industrial units, and warehouses all situated in Minneapolis. However, the industrial units, located on the banks of the Mississippi River will house the Minneapolis Bouldering Project and the Pryes Brewing Co., both of which will open mid-2017. One warehouse, situated in Burnsville, houses First Student, and the other in Egan, Tempco Manufacturing Co., a steel metal fabricator. Furthermore, buildings, situated in Eagan and northeastern Minneapolis house the remaining businesses.

Overall, the portfolio purchases made by Interstate Developments totaled more than US$17.85 million, with the company buying over 350,000 square feet of commercial property. Therefore, averaging a cost of around $51 per square-foot.

With Interstate Development’s goal being to offer affordable business premises that cater to the needs of tenants, the company is continually searching for the right commercial property to further aid in the economic development of Minnesota. Former chief economist for the U.S Department of Commerce, Joseph Kennedy, released a research paper in 2016 that shows that over the last 15-years Minnesota economic growth has been average. Plus, the state also rates as 30th among all states in income growth per capita.

Interstate Development, based in Eden Prairie, Minnesota, is a commercial real estate development and investment company. Set up in 2000, Interstate Development focuses on meeting tenant operational and financial needs.

Partners and owners of Interstate Development, Eric Simmer, and Lonnie Provencher said while some of the purchases are challenging and take time to come together, the end results are worth it. Both Simmer and Provencher meet challenges head-on, pushing for positive outcomes.

To find out more about Interstate Development and their newly acquired developments, click on the link above.

Contact Info:
Name: Eric Simmer
Organization: Interstate Development
Address: 6390 Carlson Drive, Eden Prairie, 55346 United States
Phone: +1-651-406-8050

For more information, please visit http://www.interstatedevelopment.com

Source: MarketersMedia

Release ID: 163600