Plans begin to renovate, reposition the 100,000-sq.-ft. building
MINNEAPOLIS (May 13, 2013) – United Properties announced today that it has closed on the acquisition of 505 Nicollet Mall, the former site of Neiman Marcus, in downtown Minneapolis. United Properties will work with Shea Design to formalize renovation plans for the 100,000-sq.-ft., four-story building, with the goal of creating a design consistent with the plans for the adjacent retail space. Renovation work will be complete by the end of 2013.
“We are excited to revitalize this part of Nicollet Mall and currently are evaluating a variety of tenant uses,” said Bill Katter, executive vice president, United Properties. “We will deliver a large block of space on Nicollet Mall at a time when the market is increasingly looking for these unique opportunities.”
Over the past three years, United Properties has increased its investment and development activity in Minneapolis with its historic renovations to the Ford Center, its acquisition of the historic Loose-Wiles building (located at 701 Washington Ave. N.) and its sale of the 10th and Nicollet site to Target Corporation. Additionally, the company has optioned the Shapco Printing site at 524 N. Fifth Street in anticipation of a redevelopment in the near future.
505 Nicollet Mall represents the company’s third building acquisition in Minneapolis since 2007; downtown office tower McGladrey Plaza at Eighth Street and Nicollet Mall has been part of United Properties’ investment portfolio since 1994.
Media Contacts
Jessie Folkens
952-837-8516
jessie.folkens@marquettere.com
Martha Nevanen
952-893-7539
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.
