MINNEAPOLIS (Dec. 17, 2015) – United Properties announces that it has acquired a 300,000-sq.-ft. bulk industrial building at 1080 Park Place in Shakopee, Minnesota. The building is currently occupied by Silgan Containers. The commercial real estate investor and developer cites the location in the competitive Shakopee submarket and the building’s value-add opportunities as the primary reason for acquiring the building. The closing occurred on Dec. 11.
“1080 Park Place was intriguing given its location in the heart of Shakopee, a quality tenant, 38-foot clear height and value-add opportunities such as expanding the truck court and completing cosmetic upgrades,” said Brandon Champeau, vice president. “This acquisition demonstrates our commitment to grow our industrial portfolio with buildings that are positioned to capitalize on the evolving requirements of today’s tenants.”
United Properties plans to complete site improvements and cosmetic upgrades in spring 2016. Kris Smeltzer of Cushman & Wakefield/NorthMarq represented United Properties in the transaction. Cushman & Wakefield/NorthMarq will manage and lease the property on behalf of United Properties.
Media Contacts
Jessie Timmerman
952.837.8516
jessie.timmerman@uproperties.com
Martha Nevanen
952.893.7539
mnevanen@northmarqcompanies.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.
