Oppidan Investment, Rockpoint Group Form $157M Equity Partnership

Cash Corporate Life Sciences Park. Rendering courtesy of JLL

Oppidan Investment Co. and Rockpoint Group have formed a $157.3 million joint venture equity partnership for the development of 1.6 million square feet of industrial and life science projects across Minneapolis-St. Paul and Raleigh-Durham, N.C. JLL Capital Markets arranged the partnership on behalf of Minneapolis-based Oppidan.

The venture will create three separate developments, comprising a total of nine buildings. With five structures expected to begin construction this year, the buildings are slated for a gradual delivery through 2023.

Slated to rise in southern Minneapolis–St. Paul, Chaska Creek Industrial Park in Chaska, Minn., will encompass two bulk warehouses. Moving toward the northern part of the metro area, in Ramsey, Minn., the partnership is planning to erect the three-building Bunker Lake Business Park, marking the suburb’s single current speculative industrial investment.

Cash Corporate Life Sciences Park will comprise four life science buildings at 2100 Production Drive in Apex, N.C., southeast of central Raleigh. The 121-acre site is in proximity of three higher education campuses, including the University of North Carolina and Duke University.

JLL’s Senior Managing Directors Colin Ryan, John Huguenard, David Berglund and Pete Pittroff, along with Managing Director Patrick Nally, represented the developer. The Oppidan team comprises President Blake Hastings, Senior Vice President of development Jay Moore and Executive Vice President – Southeast Tim Brent.

In early 2021, Rockpoint joined forces with industry veteran Benjamin Harris, former CEO of Blackstone’s Link Logistics Real Estate, to invest in industrial assets across the country. The exclusive strategic partnership will target high-quality assets in gateway and growth industrial markets.