UNITED PROPERTIES AND CAPITAL REAL ESTATE, INC. PURCHASE SAKS LOCATION IN DOWNTOWN MINNEAPOLIS

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