Center has gone from 88 percent to 97 percent occupancy
MINNEAPOLIS (Nov. 8, 2010) – United Properties announces that Dollar Tree, the nation’s leading operator of discount variety stores, has opened its new 7,971 sq. ft. of space at Argonne Village. Miller Comfort Dental has also signed a lease at the neighborhood retail center in Lakeville, Minn. The new dental practice will occupy 3,235 sq. ft. and plans to open for business by the end of the year. The two leases increase the center’s occupancy from 88 percent to 97 percent.
“With standard neighborhood retail vacancy at 14 percent, our retail properties are far above market average,” said Matt Sonntag, assistant vice president and asset manager, United Properties. “Occupancy for our Twin Cities retail properties is nearly 97 percent and we have worked hard for that.”
United Properties is represented at Argonne Village by leasing agents Peter Armbrust and Ronn Thomas of NorthMarq, which also handles the management of the 113,000-sq.-ft. retail center.
Dollar Tree was represented in the transaction by Jamie Cohen of Upland. With Argonne Village not immediately able to accommodate the size needs of Dollar Tree, the owner and leasing team created a relocation solution with existing tenants.
Represented by Nancy Flicek of Christianson & Company, Miller Comfort Dental is a new dental practice for Robert B. Miller, DDS, who previously practiced in Lakeville. The newly designed space will include two hygiene rooms, treatment rooms, a large reception area and room for expansion.
Developed and owned by United Properties, Argonne Village is anchored by the first Rainbow Foods prototype in Minnesota. Built in 2005, the property also includes 30,000 sq. ft. of attached shop space and is part of a larger retail development in Lakeville. A former World War I soldier resettlement area named in memory of veterans, the Argonne Village 30+ acre site came together over four years by assembling 12 separately owned parcels.
Media Contacts
Martha Nevanen
Vice President, Marketing Communications
952-893-7539
martha.nevanen@marquettere.com
Jessie Folkens
Sr. Communications Consultant
952-837-8516
jessie.folkens@marquettere.com
About United Properties
United Properties has been creating deep roots in the commercial real estate industry for more than 100 years. The company imagines new possibilities in real estate to help enrich communities and create lasting legacies. United Properties provides market expertise for ground-up development, redevelopment and acquisitions of value-add and stable investments. The company invests in and develops office, industrial, retail, mixed-use and senior housing properties. United Properties is owned by the Pohlad Companies and is headquartered in Minneapolis, with offices in Denver and Austin, Texas.
