Business & Tech
CSM Equities, L.L.C. to Purchase Lockheed Martin Facility
CSM Equities, L.L.C., an affiliate of the Minneapolis-based CSM Corp., is set to acquire the land for redevelopment.
CSM Equities, L.L.C. announced today that the company is in a "sale and leaseback agreement" for the 623,000 square foot Lockheed Martin facility.
According to a CSM Equities, L.L.C. press release, the sale on the property should close this summer and Lockheed Martin will continue "to occupy the space under a lease agreement until the final consolidation and transition of its operations in the spring of 2013."
CSM is carefully considering its many redevelopment opportunities and may keep portions of the 51.25 acres for "future mixed-use development." Of the various developments, the company said in its press release that it one option could be to "create a larger and enhanced Tier III data center." The City of Eagan might be interested in that option as "it is consistent with their desire to establish a state-of-the-art co-location/data facility within the community," according to the press release.
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However, according to Eagan Communications Director Tom Garrison, the City of Eagan and CSM have not met to discuss that option yet.
"If they want to talk to us, we're willing to talk to them," Garrison said.
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CSM also foresees other redevelopment ideas for the site, including "retail, restaurant, service, office and other uses."
Tom Palmquist, vice president of commercial development for CSM, said in the company's press release, “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.”
Lockheed Martin announced that it will be closing this past November, and the company said the decision will save them $150 million over the next 10 years. About 250 employees were or will be laid off, and about 750 other positions will relocate to other MS2 facilities over the next two years.
Visit Eagan Patch Thursday for an update on this story.
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