Standard Real Estate Investors, Endeavor Development Complete and Fully Lease 174,288-SF Industrial Facility in Mendota Heights

MENDOTA HEIGHTS, Minn. — Standard Real Estate Investors, LP and Endeavor Development announced June 30 the completion and full lease-up of Cobalt Business Center, a 174,288-square-foot Class A industrial facility located at 1315 Mendota Heights Road in Mendota Heights, Minnesota. The building was delivered in April 2026 and was 100% pre-leased to a single, undisclosed tenant before construction was complete.

Project Details and Building Specifications

Cobalt Business Center sits on a 10.1-acre infill site and was developed through Standard Real Estate Investments' industrial investment vehicle in partnership with Endeavor Development. The facility features 32-foot clear heights, 15 dock positions equipped with 35,000-pound levelers and seals, motion-sensing LED lighting, an ESFR fire protection sprinkler system, and 4,000 amps of electrical power.

Leasing and Brokerage

Leasing on behalf of the ownership was handled by Jeff Przytarski, Bryan Van Hoof, James DePietro, and Sam Manke of CBRE. The tenant was represented by Brian Netz and Eric Tomchik of Newmark. Financial terms of the lease were not disclosed.

"This outcome is a testament to both the strength of the Minneapolis Airport submarket and the high-quality execution by the Endeavor team," said Lindsay Louie of Standard Real Estate Investments. "Achieving full lease-up prior to completion underscores the depth of demand from advanced manufacturing and industrial users seeking well-located, modern space."

"The ability to secure a full-building user ahead of delivery reflects the continued undersupply of high-quality industrial product in this infill location," said Joe Bergman, Partner at Endeavor Development. "We are proud to bring this project to completion and provide a best-in-class facility for a growing industrial occupier."

Submarket Context: Airport Southeast Vacancy at 3.6%

Cobalt Business Center benefits from access to MSP International Airport and major transportation corridors including Interstate 494, Interstate 35E, and Highways 55 and 62. The surrounding area includes major employers such as Amazon, Blue Cross Blue Shield, and Ecolab.

According to the announcement, Minneapolis ranks among the 10 tightest major U.S. industrial markets by vacancy, with rent growth outpacing the national average. Within the Airport Southeast submarket specifically, vacancy stands at 3.6%, and no additional industrial projects beyond Cobalt are slated to break ground in the next 12 months, according to the firms.

About the Firms

Standard Real Estate Investments describes itself as a diversified middle market investment manager operating across property sectors in the United States, with a current focus on industrial development and multifamily acquisition. The firm maintains offices in Los Angeles, California and Washington, D.C. Its leadership team previously invested in more than $8 billion of assets. The company also operates a direct platform focused on workforce housing.

Endeavor Development is a Minnesota-based commercial real estate firm specializing in the development and acquisition of industrial properties.

Sources

Standard Real Estate Investments — Press Release, June 30, 2026