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

DENVER (March 11, 2013) – United Properties announced today that it has acquired 61 Inverness, an office building in Inverness Business Park in southeast suburban Denver. Located at 61 Inverness Drive, the 87,000-sq.-ft., three-story class B office building was 60 percent leased at the time of the March 1 closing.

A Minneapolis-based commercial real estate developer with operations in Denver, United Properties has been investing in the Denver market since 1995. In the last eight years, the Denver office of United Properties has acquired and redeveloped more than 650,000 sq. ft. of commercial properties. 61 Inverness represents the company’s first office acquisition in the Denver market.

“61 Inverness presents a value-add opportunity and gives us a foothold in Denver’s suburban office market,” said Frank Dutke, president. “This acquisition—along with the Enterprise Business Center industrial development project in Denver—demonstrates our commitment to the market.”

“We purchased the property at a price well below replacement costs, allowing us to carry out significant upgrades to the property and compete for tenants,” said Kevin Kelley, vice president/regional director-Colorado. “Class A availability is tightening up, putting pressure on class B rents and availability. We are able to lease up to 30,000 sq. ft. of contiguous space and take advantage of the improving market conditions.”

Located in Inverness Business Park and adjacent to the Jeppesen world headquarters, 61 Inverness’ largest tenant is Jeppesen, a subsidiary of The Boeing Company.

United Properties plans to upgrade the lobbies, common areas and restrooms, as well as the building signage and property exterior. Inverness Properties, LLC represented United Properties in the transaction and will continue to manage and lease the property on behalf of United Properties.

Media Contacts
Jessie Folkens
952-837-8516
jessie.folkens@marquettere.com

Martha Nevanen
952-893-7539
martha.nevanen@marquettere.com

MINNEAPOLIS (March 6, 2013) – United Properties announced today that it will develop two new retail locations for Caribou Coffee in Anoka and Oakdale, Minn. Both freestanding locations will be approximately 1,800 sq. ft. and include a drive-through.

The new Anoka Caribou Coffee will be located at the northwest corner of Ferry Street and Main Street; the new Oakdale Caribou Coffee will be located at the northeast corner of Highway 36 and Century Ave. Construction on both locations will begin in April 2013.

“We’re very excited to be working with Caribou Coffee on these two build-to-suit projects, and we look forward to future projects with them,” said Keith Ulstad, senior vice president of development at United Properties.

Tricia Pitchford, Ned Rukavina and David Daly of Cushman & Wakefield/NorthMarq represented Caribou Coffee in both transactions. Architecture firm Rylaur, LLC has been selected for both developments. Carlson McCain provided environmental consulting for both developments, as well as project engineering services for the Oakdale development. Hakanson Anderson Associates, Inc. provided engineering services for the Anoka development.

Media Contacts
Jessie Folkens
952-837-8516
jessie.folkens@marquettere.com

Martha Nevanen
952-893-7539
martha.nevanen@marquettere.com

MINNEAPOLIS (Feb. 7, 2013) – United Properties, along with project partner Jerry’s Enterprises, Inc., announced today that it will develop Bielenberg Gardens, a grocery-anchored shopping center in Woodbury, Minn. Located at the southwest corner of Radio Drive and Bailey Road, Bielenberg Gardens will feature 90,000 sq. ft. of retail space on a 30-acre site.

The shopping center will be anchored by a 68,000-sq.-ft. grocery store, operated by Jerry’s. Construction will begin June 2013.

“We’re very excited to be bringing grocery-anchored retail to serve southern Woodbury,” said Keith Ulstad, senior vice president of development at United Properties. “Our goal is to create a shopping center that will meet residents’ day-to-day needs with amenities such as a grocery store, coffee shop, gas station and pharmacy.”

In addition to working closely with the City of Woodbury, project partners include Architectural Consortium, LLC, and engineers Kimley-Horn.

About Jerry’s
Jerry’s Enterprises, Inc., based in Edina, Minn., operates thirty seven food stores located in Minnesota, Wisconsin, and Florida, under the retail banners of Jerry’s Foods, Cub Foods, County Market, and Save-A-Lot.  Jerry’s also owns and operates shopping centers in the same states.  Jerry’s has approximately 3,200 employees.

Media Contacts
Jessie Folkens
952-837-8516
jessie.folkens@marquettere.com

Martha Nevanen
952-893-7539
martha.nevanen@marquettere.com

MINNEAPOLIS (Dec. 20, 2012) – United Properties announced today that Ford Center has been awarded LEED Gold certification. The LEED rating system, developed by the U.S. Green Building Council, is the foremost program for buildings, homes and communities that are designed, constructed, maintained and operated for improved environmental and human health performance.

Located at 420 Fifth St., Minneapolis, Ford Center received LEED Gold certification based on a number of important achievements, including high-efficiency mechanical systems that utilize a state-of-the-art under floor air delivery system; extraordinary daylight due to Ford Center’s large, fully restored windows; proximity to mass transit such as LRT and commuter rail services; and use of sustainable remodeling materials.

“Achieving LEED Gold certification was always one of our goals with the renovation of Ford Center, so we’re very pleased to have achieved Gold certification on this historic building,” said Bill Katter, executive vice president, United Properties.

Ford Center was built in 1912 and previously home to Ford Motor Company’s vertical assembly plant and showroom. United Properties recently completed a historic renovation of the 265,000-sq.-ft. building. The office building is 99.5 percent leased.

Media Contacts
Jessie Folkens
952-837-8516
jessie.folkens@marquettere.com

Martha Nevanen
952-893-7539
martha.nevanen@marquettere.com

MINNEAPOLIS (Dec. 17, 2012) – Kristi Olson was recently hired at United Properties as vice president, working with the company’s residential team, which develops Applewood Pointe senior co-op communities and Cherrywood Pointe assisted living communities. Olson has been involved in the senior housing industry for more than 25 years, with expertise in assisted living.

“As we continue to develop our Applewood Pointe and Cherrywood Pointe portfolio, Kristi’s experience and knowledge in senior housing will be a great asset,” said Brian Carey, executive vice president of United Properties.

Olson is widely recognized as a leader in assisted living. She was the founder and partner of Keystone Communities, which developed four assisted living communities in the Twin Cities, while also acquiring and turning around two other assisted living communities. Prior to establishing Keystone, Olson was chief executive officer of Twin City Christian Homes (TCCH) for 17 years.  During her tenure at TCCH, she coordinated the construction, financing, marketing and management for care and housing units for senior adults. Throughout her career, Olson has developed, marketed and managed nearly 30 senior care communities.

Olson has a bachelor’s degree in business and marketing and studied for master’s degree at the University of Minnesota.  She is a licensed housing manager with the Department of Housing and Urban Development (HUD) and a certified public housing manager. She has a certification in sales and operations with the Assisted Living Federation of America. Olson has been active throughout her career with the Aging with Services Organization, serving on the board of directors of care providers and the government affairs steering committee on elderly for the state of Minnesota. She has been active in the Christian Stewardship Association and is certified in organizational leadership.

United Properties currently has seven metro locations of Applewood Pointe senior co-op communities; nearly 1,000 Twin Cities residents call Applewood Pointe home. The company’s first assisted living community, Cherrywood Pointe, opened in September 2012 at its Langton Lake community in Roseville, Minn.

As a result of the quick sale and strong interest in the first phase of senior co-op Applewood Pointe of Roseville at Langton Lake, phase two of the cooperative will break ground this month with nearly 85 percent already presold. This second and final phase will include 41 co-op homes and will be connected to phase one. Construction of phase two is anticipated to be complete in the fall of 2013.

Media Contacts
Jessie Folkens
952-837-8516
jessie.folkens@marquettere.com

Martha Nevanen
952-893-7539
martha.nevanen@marquettere.com

Developer to begin construction of 710,850-sq.-ft. Enterprise Business Center

DENVER (Dec. 5, 2012) – United Properties, a developer and investor with offices in Denver, announced plans today for a new 710,850-sq.-ft., Class A industrial development at Stapleton: Enterprise Business Center. Strategically located near I-70 and Havana Street in Denver, construction on this three-building complex of state-of-the-art industrial space is scheduled to begin in early 2013.

“Enterprise Business Center is the product of demand, given Denver’s economic growth,” said United Properties Vice President Kevin Kelley, who oversees development projects for the firm’s Denver office. “We’re excited to develop a park that likely will support more than 300 new jobs.”

The three-building development will incorporate energy-efficient, green building design throughout, including one cross-dock distribution building totaling 514,500 sq. ft., and two office/flex buildings of 105,000 sq. ft. and 90,000 sq. ft.

“This is the first speculative industrial project since 2007. Limited high quality product supply, near record positive absorption and a low 7.4 percent vacancy rate are driving up industrial market demand across the metropolitan area,” said Executive Managing Director Mike Wafer, SIOR of Newmark Knight Frank Frederick Ross. Wafer and Senior Managing Director Tim D’Angelo, SIOR, serve as the listing agents for this property.

With direct access to I-70 and situated within one of the most successful master-planned redevelopments in the country, Enterprise Business Center at Stapleton is positioned near shopping, recreation, entertainment and dining.

“United Properties has broad expertise in industrial development and investment, and we’re interested in expanding our portfolio in Denver,” said Frank Dutke, president, United Properties. “This site has ideal access and the amenities of the Stapleton redevelopment are outstanding.”

About Newmark Knight Frank Frederick Ross
A dominant regional force in commercial real estate since 1888, Newmark Knight Frank Frederick Ross delivers comprehensive real estate services as part of the expansive platform of one of the largest commercial real estate service firms in the U.S. Regionally, Newmark Knight Frank Frederick Ross offers a powerful combination of people and services that upholds the firm’s solid reputation for superior knowledge and proven results.

About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark Knight Frank; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.

Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank employ more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.

Media Contacts
Jessie Folkens
952-837-8516
jessie.folkens@marquettere.com

Deb Bergman
303.260.4307
dbergman@newmarkkffr.com

New leases bring building to 99.5 percent occupancy

MINNEAPOLIS (Nov. 5, 2012) – United Properties announced today three new leases at Ford Center for Northern Lights Broadcasting, Agosto and Atomic Playpen. With these new tenants, the building is 99.5 percent leased; all that remains is 550 sq. ft.

“We’re hoping to find an eatery of some kind to fill the remaining space and serve the building’s tenants,” said John Saunders, United Properties. Owner and redeveloper United Properties was represented in all three transactions by Jim Montez and Sonja Dusil of Cushman & Wakefield/NorthMarq.

Northern Lights Broadcasting, broadcaster of FM 96.3 K-TWIN, signed a lease for 8,400 sq. ft. of space on the first floor of Ford Center. The broadcaster will move from its current location in Edina to a glass-front studio facing Fifth Avenue and Fifth Street. Northern Lights Broadcasting plans to move into the space this month. The project team includes designer Nelson and general contractor RJM Construction.

Agosto, a Google App and cloud consulting firm, signed a lease for 13,200 sq. ft. on the fourth floor. Agosto moved into Ford Center in early October. The project team includes Collage Architects, RJM Construction and tenant broker Rob Youngquist of Cushman & Wakefield/NorthMarq.

Web developer and designer Atomic Playpen will occupy 11,800 sq. ft. on the sixth floor of Ford Center. A December move-in date is planned. The project team includes general contractor RJM Construction, designer Nelson, and tenant broker Bob Revoir of Cushman & Wakefield/NorthMarq.

Located at 420 Fifth Street, Minneapolis, Ford Center was built in 1912 and previously home to Ford Motor Company’s vertical assembly plant and showroom. United Properties recently completed a historic renovation of the 265,000-sq.-ft. building.

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

Both fast-casual restaurants open in August; Housing developer StuartCo welcomes first residents in June

MINNEAPOLIS (April 23, 2012) – Penn & American – the multi-phase, retail and residential project at the intersection of Penn Avenue and American Boulevard in Bloomington, Minn. – announces leases with two fast-casual restaurants that will open in August: Moe’s Southwest Grill and Which Wich Superior Sandwiches. The restaurants are part of the first phase of the redevelopment, which includes two retail buildings developed by United Properties and 234 apartments and townhomes developed by StuartCo.

Fast-casual restaurants open in August
Moe’s Southwest Grill will open a 2,600-sq.-ft. fast-casual restaurant on the site, its first Minnesota location. The Atlanta-based chain best known for made-to-order burritos, salads and quesadillas will bring five new restaurants to the Minneapolis area within the next three years. Moe’s was represented by Lonnie Pierce of Meridian Real Estate Group and landlord United Properties was represented by Jim Larson and Peter Armbrust of Cushman & Wakefield/NorthMarq.

Which Wich signed a lease this week for 1,800 sq. ft., its fourth location in the metropolitan area. Based in Dallas, the first of these fast-causal restaurants with customizable sandwiches opened in 2003. Which Wich was represented by Jen Helm and landlord United Properties was represented by Jim Larson and Peter Armbrust, all of Cushman & Wakefield/NorthMarq.

“We are excited to provide the southwest metro with these two new restaurant concepts,” said Brandon Champeau, development manager, United Properties. “We look forward to more businesses making their home at Penn & American.”

First residents move into townhomes in June
StuartCo is developing Genesee Apartments & Townhomes at Penn & American, which includes 212 apartments and 22 townhomes along with a rooftop deck, fitness center, outdoor pool and movie theater. According to Ryan Dunlay, vice president of StuartCo, the model home will open this week and the first residents move into the 22 two- and three-bedroom townhomes in June. The studio, one- and two-bedroom apartments and penthouses will open in August and September.

The Penn & American redevelopment includes a new signaled intersection at 81st Street and surface, secured structured and public on-street parking. The site allows for future redevelopment to occur in smaller phases; the next phase includes additional retail, hotel or office space. United Properties worked for nearly five years planning the new development, which replaced two former car dealerships.

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
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

Pohlad-owned entities combine to pursue residential, commercial development opportunities

MINNEAPOLIS (May 1, 2012) – United Properties, a commercial real estate investment and development firm, has assumed ownership of Meridian Land Company LLC, a residential real estate firm specializing in acquiring, managing, developing, selling and financing land. Both firms are part of The Pohlad Companies.

The internal transfer of ownership was finalized April 30, 2012.

Frank Dutke, CEO/president of United Properties, said the move will enable United Properties to support the work of Meridian Land and connect Meridian’s residential development with potential United Properties commercial development opportunities. “We are pleased to work more closely with Meridian Land and encouraged about the improving market for its business growth,” Dutke said.

“This ownership structure will better fit the long term goals of Meridian Land to expand our business of residential land development and investment in markets across the country,” said Pete Luxhoj, CEO-Meridian Land Company LLC.

Meridian Land currently holds more than 900 finished lots and 700 acres of land for future development of single family and multi-family housing in Minnesota, Wisconsin, Virginia, Florida and Arizona. In addition, the company specializes in bank-owned land management and disposition of all types of bank-owned real estate, with a complete understanding of regulatory compliance constraints.

Luxhoj will be based in Richmond, Va. at the Meridian Land office there, together with eight employees. Meridian Land’s four Minnesota employees moved into United Properties’ corporate headquarters in Bloomington, Minn. last week.

The Pohlad Companies is organized into five significant business groups: Marquette Financial, which owns the banking and financing operations; Marquette Commercial Finance, a group of commercial finance companies; Marquette Real Estate Group, which owns the real estate operating companies, including United Properties; Marquette Technology, which contains four technology firms; and a group of entertainment outlets, including the Minnesota Twins, a Major League Baseball team based in the Twin Cities.

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