325,947 Square Foot Industrial Complex Undergoes A Stunning Transformation

Image Matters

Dependability

Trustworthiness

Proven Process

40+ Years of Experience

CASE STUDY

Transforming The Waters Business Center

Exterior Building Revitalization »

OVERVIEW

In 2022, Hyde Development acquired The Waters Business Center, a six-building, 325,947-square-foot industrial flex park that was in need of renovation. With a bold vision to reposition the 20-year-old complex as a desirable commercial space in a tightening market, the ownership team partnered with Fresh Paint, Inc. to lead the revitalization of the property’s exterior image. The result: a stunning transformation that helped boost occupancy from 83% to 91%, increased average rents per square foot, and added over $13 million in estimated value.

CHALLENGES

Outdated Appearance: The buildings’ dated facade and neglected surfaces diminished the property’s curb appeal and brand perception.
Strict City Ordinances: Eagan City ordinance prohibits painting previously unpainted buildings.
Market Pressure: The flex industrial space faced strong headwinds due to rising interest rates and underutilized office finishes.
Tenant Retention: Seven leases were set to expire within the first year of ownership—tenant confidence in the park’s future needed to be rebuilt quickly.

OBJECTIVES

Modernize the exterior look and feel to attract high-quality tenants and increase market competitiveness.
Reestablish pride of place among existing tenants and elevate the perceived value of the business park.
Support the park’s rebranding through physical upgrades that reinforce the new identity and narrative.

CUSTOMER HIGHLIGHT

Hyde Development

“Working with Fresh Paint on this complex exterior painting project was a fantastic experience. Their team was professional, communicative, and consistently courteous to our tenants throughout the process. They delivered the project on time, on budget, and with exceptional quality. We couldn’t be more pleased with the results and would gladly work with them again!”

~Mike Wardwell Development Executive, Hyde Development

SCOPE OF WORK

Fresh Paint was selected for its reputation in transforming large-scale commercial and industrial assets with an attention to detail that goes beyond aesthetics. Our comprehensive exterior refresh included:

Facade & Masonry Painting

Upgraded Coating System

Surface Preparation & Repairs

Architectural Detail Work

Steel & Signage Components

FRESH IDEA AND COLLABORATION OVERCOMES CHALLENGE

This project posed a unique challenge due to a city ordinance in Eagan that prohibits painting previously unpainted buildings. To address this, Fresh Paint collaborated with Sherwin-Williams, Hyde, and the project architect to develop a compliant solution. Together, they proposed using an exterior masonry stain, which penetrates the surface and becomes an integral part of the block, rather than sitting on top like traditional paint. After reviewing the approach with both the city and the architect, the city approved the use of the stain, allowing Fresh Paint to move forward with the project.

Impact & result

91% Leased: Up from 83%
Average Rent Per Square Foot Increased: Up 72.6%
Over $13M in Added Value
Improved NOI: 30% YoY increase with another 25% growth projected

Tenant Confidence:
Five of seven expiring tenants renewed; seven new leases signed.

Completed project

Partner with Fresh Paint

Let’s talk about how Fresh Paint can help you bring it back to life. Contact Fresh Paint Inc. for reliable and high-quality commercial painting services. Whether it’s an office renovation, industrial-grade painting, or historic property, our skilled team ensures your project is completed on schedule and meets the highest standards.