Leased signed for 37,000 sq. ft. Walgreens upscale store

MINNEAPOLIS (Dec. 12, 2014) – United Properties, in a joint venture with Capital Real Estate, Inc., has acquired the first two floors of 655 Nicollet Mall in downtown Minneapolis, the building currently occupied by Saks, and signed a lease with Walgreens to anchor the project. At approximately 37,000 sq. ft. spanning two floors, the store will be Walgreens’ first upscale store format in Minnesota. Featuring a wide variety of freshly made food, a beverage bar, frozen yogurt, sushi market and high-end cosmetics, the location will have multiple entrance points including access to Nicollet Mall and the Minneapolis skyway system. Construction will begin in the first half of 2015 and be complete by early fall 2015.

“We’re excited about acquiring this outstanding location in the heart of downtown Minneapolis, and bringing Walgreens here in its first upscale store format to this market,” said Bill Katter, executive vice president, United Properties. “The store’s amenities will cater to both downtown office workers and to the people who live in the downtown area.”

The joint venture purchased the 50,000-sq.-ft. building on December 10, 2014. The remaining 10,000 sq. ft. space is available on the skyway level with direct access to Gaviidae Common and the IDS Center.

Capital Real Estate, Inc. represented Walgreens, and BTS Construction has been named the general contractor on the project.

Media Contacts
Jessie Timmerman
952.837.8516
jessie.timmerman@uproperties.com

Martha Nevanen
952.893.7539
mnevanen@northmarqcompanies.com

MINNEAPOLIS (Nov. 12, 2014) – United Properties announces its next development project in the North Loop of downtown Minneapolis: Target Field Station Center, a Class A, transit-oriented building on the remaining land parcel at Target Field Station. Adjacent to the 288-car public parking ramp, the building will consist of up to 10 stories and approximately 240,000 sq. ft. Located at the southeast corner of Sixth Avenue North and Fifth Street North, the project will be integral to Target Field Station, the transportation hub, outdoor park and mixed-use project adjacent to Target Field.

“The development of this new project at Target Field Station builds on United Properties’ previous success and ongoing commitment in the North Loop,” said Bill Katter, executive vice president, United Properties. “This area continues to be one of the most exciting places for next-generation office space in the Twin Cities.”

United Properties will purchase the 0.75-acre site from Hennepin County and pursue the planning and entitlement process with the City of Minneapolis in early 2015. After closing and city approvals, United Properties expects to break ground in the fall of 2015 and complete the project in late 2016.

The interior will likely include exposed ceilings and large, open office space to replicate the feel of other North Loop and Warehouse District buildings. Building amenities will include a restaurant across from the entrance to Target Field Station, a roof terrace with lounge, bike storage, fitness center and underground executive parking. United Properties will seek U.S. Green Building Council LEED certification for the building’s shell.

In 2012, United Properties began work with the Minnesota Twins and Hennepin County to develop the land near Target Field Station, including the Caribou Coffee on the site earlier this year. The new building will be adjacent to United Properties’ Ford Center and across from United Properties’ site for the future Be The Match headquarters. United Properties also acquired and renovated the historic Loose Wiles Building in the North Loop that was once a commercial bakery.

The project will be leased by Jim Montez of Cushman & Wakefield|NorthMarq.

Media Contacts
Jessie Timmerman
952.837.8516
jessie.timmerman@uproperties.com

Martha Nevanen
952.893.7539
mnevanen@northmarqcompanies.com

Mixed-use campus will offer unique features to office tenants

DENVER (October 29, 2014) – United Properties, a commercial real estate developer and investor, in a joint venture with Principal Real Estate Investors, recently acquired 58 acres of land to develop Dry Creek Corporate Center, a mixed-use office, industrial, hotel and residential campus located just east of Interstate 25 and East Dry Creek Road in Centennial. United Properties plans to develop approximately 650,000 sq. ft. of single and multi-tenant office and industrial buildings. The residential and hospitality portions of the campus will be sold to outside developers. United Properties is planning to begin construction of an 182,000-sq.-ft. multi-tenant office building in spring 2015.

“This is one of the largest fully-entitled parcels of land in the heart of the southeast suburban market,” said Kevin Kelley, vice president, United Properties. “With improving market conditions and low supply, we’re excited to bring this new Class A product to the market.”

Dry Creek Corporate Center is situated near the Dry Creek light rail station, adjacent to Inverness Business Park and Centennial Airport, and is located approximately 20 minutes from downtown Denver. With United Properties seeking LEED certification on all buildings, the buildings will including facilities for bike commuters (dedicated building entries with showers, lockers, repair areas and bike rentals), a dedicated shuttle to transport employees to and from Dry Creek light rail station, and onsite food truck pad sites with covered dining areas.

“We are offering rental rates of under $20 sq. ft. net lease, more than 5/1,000 parking ratios and lower net lease charges than other developments in the area,” said Kelley. “Also, our recent annexation into Centennial allows for a more efficient permitting process.”

United Properties purchased the land for Dry Creek Corporate Center in a joint venture with Principal Real Estate Investors. David Lee, Jason Addlesperger and Mike Wafer of Newmark Grubb Knight Frank will lease the property on behalf of the ownership. Powers Brown Architecture is the lead architect for the vertical development.

About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $54.3 billion in commercial real estate assets . The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.

Media Contacts
Jessie Timmerman
952.837.8516
jessie.timmerman@uproperties.com

Martha Nevanen
952.893.7539
mnevanen@northmarqcompanies.com

MINNEAPOLIS (Sept. 11, 2014) – United Properties announces that it has closed on the land acquisition for Red Rock Industrial Building in Maple Grove. Located near the intersection of County Road 81 and 89th Avenue North, construction of the 320,000-sq.-ft. speculative industrial building will begin Sept. 15 and be complete by June 2015.

United Properties received approval from the City of Maple Grove in August for the 32-foot clear ceiling industrial building, originally proposed as two separate buildings totaling 320,000 sq. ft. Due to tenant requirements in the market and rising construction costs, one larger building was put forward as a more cost effective solution.

“Given the lack of large sites near the 494/694 loop, we are excited to bring our building to the market,” said Brandon Champeau, vice president, United Properties. “We appreciate the city’s willingness to work with us to amend the plans and keep us on schedule.”

Cushman & Wakefield | NorthMarq’s Jon Yanta, Jason Meyer and Brent Masica are marketing the property with strong pre-leasing activity among a number of companies. The project team also includes Lampert Architects, engineer EVS, Inc. and RJM Construction.

Media Contacts
Jessie Timmerman
952.837.8516
jessie.timmerman@uproperties.com

Martha Nevanen
952.893.7539
mnevanen@northmarqcompanies.com

Groundbreaking set for Sept. 10

MINNEAPOLIS (Aug. 26, 2014) – Penn & American – the multi-phase, retail and residential project at the intersection of Penn Avenue and American Boulevard in Bloomington – announces leases with three tenants for the second phase of the development: Home2 Suites by Hilton, Fresh Thyme Farmers Market and Red Robin Gourmet Burgers. United Properties will continue to partner with StuartCo on the development. The second phase of Penn & American will be located at 8001 Penn Ave. S., just north of the first phase, and will total approximately 120,000 sq. ft. Construction will kick off with a Sept. 10 groundbreaking ceremony and be complete by fall of 2015.

Home2 Suites by Hilton is an all-suite extended stay hotel; this will be the hotel concept’s first location in the Minneapolis/St. Paul market. Once complete, the 107-room, 68,000-sq.-ft., four-story hotel will be sold to Lion Hotel Group.

Fresh Thyme Farmers Market also will establish its first location in the market with a 28,600-sq.-ft. store at Penn & American. The specialty grocer focuses on healthy and organic products, and a strong community bond by working with local vendors to put their products on the shelves.

Red Robin Gourmet Burgers, a casual dining restaurant chain, will operate a 6,900-sq.-ft. restaurant.
RJM Construction has been selected as the general contractor for the retail portion of phase two of Penn & American; Weis Builders will be the general contractor for the hotel’s construction. Other project partners include the City of Bloomington’s Housing Redevelopment Authority, ESG Architects, Kimley-Horn and Associates, Tushie Montgomery Architects and owners representative Cushman & Wakefield | NorthMarq.

Approximately 10,000 sq. ft. remains available in the second phase of Penn & American. The first phase, completed in 2012, includes Genesee Apartments & Townhomes, Moe’s Southwest Grill, Which Wich and other retailers.

About StuartCo
StuartCo was founded in 1970 and since that time has grown into one of the most respected multi-family real estate developers and property management firms in the Upper Midwest.  The company’s diverse portfolio includes low and high rise apartment buildings, townhomes, assisted living residence and memory care.  StuartCo currently owns and/or operates 5,000 units of apartments and over 130,000 square feet of commercial space in Minnesota, Nebraska, and Wisconsin. For more information on Genesee, please visit www.GeneseeApts.com.

Media Contacts
Jessie Timmerman
952.837.8516
jessie.timmerman@uproperties.com

Martha Nevanen
952.893.7539
mnevanen@northmarqcompanies.com

DENVER (July 28, 2014) – United Properties, a developer and investor with offices in Denver, announces that Dave Hagan has joined its Colorado team. Hagan will assist in all aspects of business development and value-add business activities. He will work alongside Kevin Kelley, vice president of United Properties, to identify areas in which to expand and diversify investment activity in Denver, as well as potential surrounding markets.

“Dave has a wealth of expertise about real estate in Denver and the surrounding markets,” said Kelley. “I look forward to working with him to continue to grow our business in this region.”

Prior to joining United Properties, Hagan was self-employed in the real estate business. He also spent several years as a senior regional partner for Panattoni Development Company, where he managed multiple markets and developed several million square feet of office and industrial space in Denver, Indianapolis and New Jersey. Hagan received his bachelor’s degree in engineering from Lafayette College in Pennsylvania.

Media Contacts
Jessie Timmerman
952.837.8516
jessie.timmerman@uproperties.com

Martha Nevanen
952.893.7539
mnevanen@northmarqcompanies.com

MINNEAPOLIS (July 22, 2014) – United Properties announces that it has signed leases with Charter Fitness and Two Rivers Dental at Townline Square in Mundelein, Illinois. Located in north suburban Chicago, Townline Square is anchored by Jewel-Osco. United Properties acquired the 133,100-sq.-ft. grocery-anchored center in November 2013.

Charter Fitness, one of the Chicago area’s largest health club businesses, signed a lease for 16,660 sq. ft. and will move into its space in September. Two Rivers Dental will take occupancy of its 1,700 sq. ft. of space in September, as well. In addition to United Properties, the transaction team included landlord representative Brendan Reedy with Cushman & Wakefield and Charter Fitness representative Marty Wynne of CFM Consulting.

Built in the 1980s, the center was completely renovated in 2012, including the façade, roof, common areas, landscaping, parking lot and signs. In addition to Jewel-Osco and the two new tenants, the center’s tenants include H&R Block and Radio Shack. Available spaces range in size from 1,200 to 20,000 sq. ft.

Media Contacts
Jessie Timmerman
952.837.8516
jessie.timmerman@uproperties.com

Martha Nevanen
952.893.7539
mnevanen@northmarqcompanies.com

Development of Be The Match® Coordinating Center to Begin in Minneapolis’ North Loop

MEDIA ADVISORY / PHOTO OPPORTUNITY
For Tuesday, July 8, 2014 (10 a.m. – 11 a.m.)

WHAT: One of Minnesota’s largest nonprofits, Be The Match®, will break ground on a new and expanded headquarters in Minneapolis’ North Loop Neighborhood. The ceremony will take place at 10 a.m. on Tuesday, July 8.

Be The Match is the world’s leading nonprofit organization focused on delivering cures through bone marrow and umbilical cord blood transplantation. Over the past 25 years, the demand for transplant services has grown dramatically—the number of patients with diseases for which a bone marrow transplant can be a cure has increased, along with the types of diseases that the procedure is used treat.

The new Coordinating Center will help Be The Match meet this growing need while better serving patients, donors and health care professionals around the world.

Be The Match staff will be brought together in a single, seven-story building with approximately 240,000-square-feet. The project is the largest build-to-suit office to be undertaken in the North Loop, with Target Field, Target Field Station and Ford Center serving as major catalysts for the expansion of the area. The project team includes developer United Properties, building architect RSP Architects, interior architect Perkins + Will and general contractor RJM Construction.

WHEN:  Tuesday, July 8, 2014, 10 a.m. – 11 a.m.

Groundbreaking ceremony at approximately 10:30 a.m. Light refreshments to follow.

WHERE: 500 N. Fifth St., Minneapolis

The site is located at the southeast corner of 5th Avenue North and 5th Street North. Parking is available on street or at the Target Field Station public parking ramp (across 5th street from the site).

PHOTO / INTERVIEW OPPORTUNITIES:

• Dr. Jeffrey Chell, Chief Executive Officer, Be The Match
• Christine Fleming, President, Be The Match Foundation
• Bill Katter, Executive Vice President, United Properties
• Dave St. Peter, President, Minnesota Twins
• Council Member Jacob Frey, Ward 3

ABOUT BE THE MATCH:
For people with life-threatening blood cancers – like leukemia and lymphoma – or other diseases, a cure exists. Be The Match connects patients with their donor match for a life-saving marrow or umbilical cord blood transplant. People can be someone’s cure as a member of the Be The Match Registry, financial contributor or volunteer. Be The Match provides patients and their families one-on-one support, education, and guidance before, during and after transplant. Be The Match is operated by the National Marrow Donor Program® (NMDP), a nonprofit organization that matches patients with donors, educates health care professionals and conducts research so more lives can be saved. To learn more about the cure, visit BeTheMatch.org or call 1 (800) MARROW-2.

Media Contacts
Jessie Timmerman
United Properties
jessie.timmerman@uproperties.com
952-837-8516 direct / 612-419-7389 cell

Catherine Scott
on behalf of Be The Match
Catherine.Scott@padillacrt.com
612-455-1719 direct / 651-983-4312 cell

MINNEAPOLIS (June 10, 2014) – United Properties has added nine new tenants to its Loose-Wiles Building since the beginning of 2014, bringing the building to 90 percent leased. MarketingLab and Ovative/group are the two largest of the new leases, at approximately 10,000 sq. ft. each.

Other new leases signed this year include: Family Solutions Law Group, J.R. Paddon, Logistics Planning, North Loop Capital, Straight Line Theory, Thorsen/Post Net and Waterstone Mortgage. Located at 701 Washington Ave. N., 7,000 sq. ft. of the 120,000 sq. ft. building remains available for lease.

“The Loose-Wiles Building is in a great location with many dining and transit options nearby. And the space gives tenants the true converted warehouse aesthetic,” said Jim Montez, Cushman & Wakefield/NorthMarq, who represented United Properties in the transactions.

The Freehouse, a restaurant and brewhouse, is located on the first floor of the Loose-Wiles Building. Other tenants include Fields Law, LHB and RJM Construction. Once a commercial bakery and home of the Loose-Wiles Biscuit Company (later Sunshine Biscuits), the Loose-Wiles Building is listed on the National Register of Historic Places. United Properties purchased the building in July 2012.

Media Contacts
Jessie Timmerman
952.837.8516
jessie.timmerman@uproperties.com

Martha Nevanen
952.893.7539

DENVER (May 27, 2014) – United Properties, a developer and investor with offices in Denver, has hired Courtney Colbert as an investment/development associate. In this new role, Colbert will support the Denver team in all aspects of project development, including due diligence, financial analysis, entitlement processing and project/construction management. She also will support the United Properties asset management team in Colorado.

Prior to joining United Properties, Colbert was a site development coordinator for Galloway & Company. She has a bachelor’s degree from the University of Colorado at Boulder in business administration with a marketing emphasis, as well as a real estate certificate. Colbert holds a real estate license for the State of Colorado and serves as the vice president of operations for the Colorado University Real Estate Young Alumni Board.

“I had the opportunity to work with Courtney while she was at Galloway,” said Kevin Kelley, vice president, United Properties. “I look forward to Courtney bringing her energy, enthusiasm and ‘can do’ attitude to our team.”

Media Contacts
Jessie Timmerman
952.837.8516
jessie.timmerman@uproperties.com

Martha Nevanen
952.893.7539
mnevanen@northmarqcompanies.com