News Release
United Properties to Expand Denver Operations with Acquisition of Ojala and Company
Increased development capabilities in line with company’s strategy to grow beyond Twin Cities
MINNEAPOLIS (Jan. 7, 2008) -- United Properties, a diversified real estate company based in Minneapolis, Minn., announced today that it has completed the acquisition of Ojala and Company, a Denver-based commercial office and industrial park developer. United Properties intends to operate Ojala and Company as a subsidiary. The transaction closed Friday, Jan. 4, 2008.
“We have been evaluating opportunities for growth outside of our home market of Minneapolis for the last few years, and we have always liked Denver as a location for our growth. Since our start as a retail developer there, we have looked for other ways for us to grow in that market due to the economic diversity, high-tech business growth and entrepreneurial nature of the market,” said Boyd Stofer, United Properties President and CEO. “The opportunity to acquire Ojala, an established developer with an entrepreneurial spirit similar to our own, was a strategic win.”
United Properties entered the Denver real estate market in 2005 with a retail development business led by Kevin Kelley, United Properties vice president-retail development. Current projects include Plaza at Highlands Ranch in the Denver area, Marketplace at Austin Bluffs in Colorado Springs, Plaza Los Americas in Thornton and Shops at Eastman in Denver.
Since 1972, Allan Ojala has been a design/build developer in the Denver area, focusing on speculative and build-to-suit projects that are purchased by the user or leased to businesses looking for flexible, high-quality office and warehouse space. The company currently has 38 employees.
“As owner of Ojala and Company, I have been preparing my business for its next stage of growth for a number of years. If I were going to sell, I wanted to find the right long-term fit for my employees and investors. United Properties has an entrepreneurial spirit like ours and also shows great care for the foundation that I have built during the last 35 years,” said Ojala.
“Ojala is a high-quality developer that reflects many of the qualities that we believe are at the core of United Properties, and this acquisition gives us an entry into the office/industrial flex market in the Denver metro area,” said Frank Dutke, United Properties’ executive vice president-Investments and Development. “We see this as an opportunity to create great synergy between our businesses and look forward to partnering with the people of Ojala and Company to expand the Ojala operation to a larger geographic area.”
About United Properties
United Properties is a diversified commercial real estate company with more than 500 employees and 30 million square feet of office, industrial, retail and multi-family properties under management. The company specializes in the full range of real estate services, including healthcare real estate, corporate services, construction, third-party services, along with businesses in retail, residential, office and industrial development.
Based in the Twin Cities, United Properties received the 2004 National Developer of the Year Award from the National Association of Industrial and Office Properties (NAIOP), the commercial real estate industry’s leading trade association, and has been recognized as one of the “Best Places to Work” by the Minneapolis/St. Paul Business Journal for the last five years. United Properties is located on the web at www.uproperties.com.
About Ojala and Company
Ojala & Company, with 38 employees, is a fully integrated design/build development company that entitles raw land, designs and constructs buildings on speculation or for specific business users. It uses its real estate arm, Ojala Realty Advisors LLC, to lease and/or sell its building facilities.
Media Contacts
Martha Nevanen
Vice President, Marketing Communications
952-893-7539
mnevanen@uproperties.com
Jessie Folkens
Sr. Communications Consultant
952-837-8516
jfolkens@uproperties.com