Northern Stacks V Welcomes Axalta

October 17, 2017

55,809 square-foot lease marks first tenant to occupy Stacks V

Colliers International | Minneapolis St. Paul and Northern Stacks are pleased to welcome Axalta Coating Systems (NYSE: AXTA), a leading global supplier of liquid and powder coatings, to the Northern Stacks industrial office complex in Fridley, MN. Axalta signed a multi-year lease to occupy 55,809 square feet of the soon-to-be-completed building V- nearly half the total square footage of building V at the Stacks.

Stacks V broke ground Summer 2017 and is slated for completion in December 2017. The 118,400-square-foot Stacks V is the fifth of 7 total buildings that will be built on the 122-acre, industrial in-fill location at Northern Stacks Drive and River Road.

When complete, Stacks V will be the new home of Axalta’s Minneapolis-based employees from its Industrial Wood segment, which is one of the leaders in the North American wood coatings market, acquired by Axalta from Valspar in June of 2017. Axalta will use the facility for research and development, warehousing and coatings production for its industrial businesses.

"The Stacks V complex is a great location for our expanding wood operations,” said Wade Arnold, Axalta Vice President, Industrial Wood Coatings. “It was important to us that we chose not only somewhere local but a facility that meets our needs today and in the future. Stacks V checked all the boxes and will fulfill our employee, operational and product development needs while serving our customers.”

Eric Batiza, Vice President of Colliers International | Minneapolis- St. Paul is, “Thrilled that Axalta is occupying this highly visible portion of the Northern Stacks project at building V, taking advantage of the high traffic counts on East River Road.” The move-in of Axalta, “Represents a strong leasing momentum at Northern Stacks and marks 90% occupancy in the park, which is exciting for all parties involved in this project.” Said Paul Hyde of Hyde Development.

Additional tenants at Northern Stacks include; BAE Systems, OnTrac International, Kaufman Container, Dero and Everlast both PlayCore Companies, VStar Entertainment Group, Lindenmeyr Munroe, MB2 Raceway and Trio Supply Company.

Northern Stacks is a joint venture of Hyde Development and Mortenson Company.

Vice President’s Eric Batiza and Jason Simek with Colliers International | Minneapolis-St. Paul represented Hyde Development in the completion of the transaction.