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Canteen consolidates, leases in Minneapolis' Como neighborhood.

Byline: Matt M. Johnson

Vending and coffee services provider Canteen plans to consolidate 100 employees from three Twin Cities locations in a long-empty industrial building in Minneapolis' Como neighborhood.<br />Canteen has signed a lease for 134,000 square feet of space at the former Vincent Metals building at 700 24th Ave. SE, according to the company and its representatives with the Twin Cities office of Cushman & Wakefield. The property is in the southwest quadrant of Interstate 35W and Highway 280.<br />The building's owner, Interstate Development, will invest about $1.8 million in tenant improvements ahead of Canteen's planned October move-in, said Sam Steffen, a district general manager for Canteen. Canteen will move its operations out of buildings in Maple Grove, Golden Valley and St. Paul.<br />Canteen's lease runs seven years, Steffen said, and includes provisions for extensions.<br />"Hopefully, we'll be there a lot longer than that," he said.<br />The company's new space will be configured to allow its delivery trucks to load, unload and park inside the building, Steffen said.<br />"The main driver of the move is we are moving our route trucks in-house," he said in an interview Friday.<br />Canteen has its headquarters in Charlotte, North Carolina. It is owned by global food service company Compass Group.<br />David Stokes and Chris Weirens with Cushman & Wakefield represented Canteen in the lease deal.<br />Stokes said there was "good interest" in the property. The 57-year-old building has been empty for about two years because of financing issues, he said. It features ceiling heights ranging between 19 and 27 feet, according to CoStar.<br />The industrial submarket that includes the future Canteen location has a 6.1 percent vacancy rate, according to statistics from the Minneapolis office of CBRE. The overall Twin Cities industrial vacancy rate is 6.5 percent.<br />Canteen's primary Twin Cities location occupies 31,300 square feet of space at 2492 Doswell Ave. in St. Paul. Its new location is kitty-corner across the Burlington Northern rail yard in Prospect Park from Surly Brewing's $30 million brewery.<br />Interstate's property on 24th Avenue consists of two buildings. A 30,000-square-foot building on the property is occupied by Fairview Pharmacy.<br />[divider]<br />Related:<br /> Surly Brewery perks up Prospect Park<br />&nbsp;

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Publication:Finance and Commerce
Geographic Code:1U4MN
Date:Jun 29, 2018
Words:389
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