LKQ Corp. to Move into Brand New Building in April 2019
Last week, LKQ signed a multi-year lease the entirety of Stacks VII, which will be a $15 million, 200,000-square-foot structure on the far northwest side of the park at 4800 E. River Rd.
Construction on the building will begin this spring as soon as the ground thaws, said Colliers International’s Jason Simek, who represented the developers, Minneapolis-based Hyde Development and M.A. Mortenson Co. of Golden Valley.
Stacks VII is scheduled to be complete in the first quarter of 2019. In April, LKQ, an auto parts supplier, will move from an existing Twin Cities location into the new building, which will serves as a distribution center and warehouse, with about 12,000 to 15,000 square feet of office space as well.
“There’s been a flight to quality,” Simek explained. “This kind of space is more expensive, but it’s also highly efficient and functional.”
Mortenson and Hyde began work on Northern Stacks in 2014. Since then, five new industrial buildings have risen on the site. Four are fully leased, though there is still space available in Stacks V and Stacks VI, which should be complete in spring 2018. Simek said the occupancy rate at the park is currently 89 percent.
Other tenants at Northern Stacks include VStar Entertainment Group, Axalta Coating Systems and Resolution Medical, among others.
Northern Stacks has a number of amenities such as walking and bike trails, an on-site café and access to a riverfront regional park located across the street. Simek and fellow Colliers broker Eric Batiza are also trying to attract a craft brewery to the park.
Vic Overholser of Spokane, WA-based SDS Realty represented LKQ in lease negotiations. Simek and Batiza represented Hyde and Mortenson.
