Developer Presents Plans for Two New Warehouse/Office Buildings in its 40-acre Valley View Business Park
The Indianapolis, IN-based developer and real estate investment company presented plans for two new warehouse/office buildings to the Shakopee Planning Commission on March 8. Scannell Development Associate Tom McCary told the commission the firm plans to construct them as speculative investments.
“We don’t have tenants lined up on the front end,” McCary said, adding that Scannell hopes to attract tenants who skew to a more office-oriented use, though the buildings will also be compatible with distribution-based businesses as well.
McCary said Scannell had already gotten inquiries from a few interested parties.
The structures will be built on an 18.1-acre tract bounded to south by Barenscheer Blvd., and on the north by Fourth Avenue East. The site is just east of the two existing buildings at the park, which front on Shenandoah Dr. and are occupied by Hickory, NC-based CommScope Inc., which provides wireless network services, and Elander Mechanical Inc., a plumbing, heating and air conditioning company.
Shakopee’s Senior Planner Kyle Sobota told the commission that the building to the north will measure about 125,000 square feet while the building to the south will be about 136,000 square feet in all. The southern portion of the site will be built out first.
Construction on the first building is slated to start this spring and wrap up in the fall, McCary said.
The commission unanimously granted Scannell’s request to re-plat the site in preparation for future development. The matter will go before the Shakopee City Council on March 20, Sobota said on Monday.
Nathan Arnold, a broker with CBRE’s Minneapolis office, is taking the lead on leasing the new buildings.
Executives with Scannell did not respond to a request for comment.