In partnership with Lockheed Martin, CSM will deliver a market driven solution to successfully reposition the asset.
Minneapolis, MN (PRWEB) April 6, 2011
CSM Equities, L.L.C., an affiliate of Minneapolis based CSM Corporation, announced today that it has entered into a sale and leaseback agreement for the 51.15 acre Lockheed Martin facility, located at 3333 Pilot Knob Road, in Eagan, Minnesota. The sale portion of the transaction is expected to close in the summer of 2011 with Lockheed Martin continuing to occupy the space under a lease agreement until the final consolidation and transition of its operations in the spring of 2013.
Redevelopment plans are underway and CSM is evaluating the feasibility of retaining portions of the 623,000 square foot Lockheed facility for future mixed-use development. This may include the utilization of existing infrastructure to create a larger and enhanced Tier III data center. This is strategically important to the City of Eagan as it is consistent with their desire to establish a state-of-the-art colocation/data facility within the community.
In addition to an enhanced data center, CSM envisions a larger scale mixed-use redevelopment of this site, which could include: retail, restaurant, service, office and other uses. Application for necessary entitlements is expected later this summer once concept plans for the project are more complete. Tom Palmquist, Vice President of Commercial Development for CSM, states “We are excited about the opportunity to acquire this facility. In partnership with Lockheed Martin, the community, and various end users, CSM will deliver a market driven solution to successfully reposition the asset. This acquisition reinforces CSM’s optimistic outlook for the future of commercial real estate.”
About CSM Corporation
CSM Corporation, founded in 1976, is headquartered in Minneapolis. CSM Corporation engages in the acquisition, development, leasing, management, and ownership of quality real estate assets. The company’s extensive portfolio includes retail, office, industrial, multi-family residential and hotel properties across the continental United States. For more information, visit http://www.csmcorp.net.