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January 28, 2014
Kraus-Anderson and Elion Partners form joint venture to redevelop 100-acre corporate campus in Woodbury
WOODBURY, Minn. (January 22, 2014) – Kraus-Anderson and Elion Partners, a Florida-based national real estate investment firm, today announced a new joint venture that will redevelop a 100-acre corporate campus at Interstate 94 and Radio Drive in Woodbury, Minn. The high-profile property will be transformed into a 700,000-square-foot commercial development with shops, restaurants and additional office space as well as plans for a hotel, bank, two medical office buildings and a day care. The property includes 300,000 square feet of new construction plus an existing 400,000-square-foot office building.
The joint venture expects the new development on the 100-acre site to include valuable amenities consistent with urban sites that will make the existing 400,000-square-foot office building an attractive home for large office tenants.
The partnership will retain Kraus-Anderson to develop the current grounds into pad-ready sites for the development of new retail, grocery, restaurants and shops. Site work on the multi-phased project is expected to begin in the summer of 2014.
“We are presently in lease negotiations with an established national hotel chain, a national high-end grocer and with several restaurant and retail tenants,” said Matt Alexander, Kraus-Anderson’s director of real estate development.
The 400,000-square-foot building and expansive acreage are situated on rolling hills and landscapes, which will be incorporated in the overall development plan. The property will be a destination-minded environment with eco appeal.
“From the beginning, we have worked closely with the City of Woodbury to bring out the best of this prime location to complement the strong attributes the city has to offer,” said Shlomo Khoudari, managing principal with Elion Partners. “The natural landscape and thoughtful public realms will tie the common areas together into a visually interconnected experience, which will be pleasing to the office and retail patrons as well as to the Woodbury community.”
Following several unsuccessful attempts by other companies and investors to purchase and redevelop the property, the Elion and KA partnership and its collaborative process with the city, is welcomed news to many.
“We are very excited to partner with Kraus-Anderson on this new joint venture,” said Juan DeAngulo, managing partner at Elion. “Elion and KA share similar cultures and values, creating a strong relationship that will make this vision a reality.”
The City of Woodbury is a strategic partner and has been instrumental in helping to redevelop the property which has been vacant for nine years.
“The partnership between Elion and Kraus-Anderson is wonderful news for the city,” said Woodbury Mayor Mary Giuliani Stephens. “While Elion has yet to submit a formal development application for this proposal, they clearly have a plan for moving forward. We are excited for this development to evolve into another cornerstone of economic growth for the City of Woodbury.”
About Elion Partners
Elion Partners (www.ElionPartners.com) is a Florida-based national real estate investment firm with past experience in the Twin Cities market of successfully acquiring and developing quality properties in strategic locations. Elion and its principals manage full-cycle investments across a variety of asset types, including industrial, office, retail, multifamily and land.
Kraus-Anderson has transformed the American landscape for more than a century. Established in 1897, Kraus-Anderson provides strategic services including commercial real estate development and management, construction, equipment financing and risk management to clients nationwide. Kraus-Anderson (www.www.krausanderson.com) is an Affirmative Action, Equal Employment Opportunity Employer.