Case Study
the evolution of a new business center

John Young and Fred Hedberg have been providing real estate advisory and transaction management services to Liberty Diversified International (LDI) and affiliated entities for over two decades. They leased excess space, sold buildings, and advised LDI on out-of-state real estate matters. In December of 2016, LDI engaged John and Fred to sell a 5.5-acre parcel of excess land in the northwest quadrant of Highways 610 and 169. This was always viewed as a great location, but demand had not yet pushed its way to the site. Not long after the land was listed “for sale”, a self-storage building developer made an offer, and a deal was struck.  Shortly thereafter, the City of Brooklyn Park imposed a one-year moratorium on new development in the area in order to study zoning and future use of land sites. After the moratorium ended, the revised zoning code no longer allowed for self-storage facilities because the city felt strongly about reserving that area for job creating businesses and the self-storage purchase agreement was terminated.

In July of 2018, John and Fred resumed marketing the property to both end-users and developers. In 2019 industrial development activity increased dramatically, and multiple developers engaged in discussions about acquiring the property for a new industrial building. One of those developers, Josh Budish, who had just founded Endeavor Development, became increasingly interested in developing the site with a 75,000 square foot industrial building that catered to a smaller-tenant niche. John and Fred received multiple offers for the site, but the decision was made to proceed with Mr. Budish, who was looking for a project for his new company.