News Release
United Properties to Develop 22 New Restaurants for Granite City Food & Brewery
MINNEAPOLIS (May 5, 2008) – United Properties, a nationally-recognized real estate investment and development company, announced the signing of a long-term development agreement with Granite City Food & Brewery Ltd. (Nasdaq: GCFB) a modern American upscale casual restaurant chain. United Properties will act as the developer for 22 new restaurants and have the first option to develop anything above this minimum amount through 2012. United Properties will own all buildings and assume all risks of ownership of the real estate.
United Properties offers development expertise in office, industrial, retail, medical, residential and mixed-use projects and currently has 17 projects totaling almost 3 million sq. ft. under development in Minneapolis, Milwaukee and Denver.
“We think we can be an excellent resource to support the growth goals of Granite City," said John Breitinger, United Properties vice president of retail development. "With our financial resources, development and site selection expertise, access to additional capital and our construction experience, we can partner with Granite City as they identify geographic targets.”
Granite City CEO and President Steve Wagenheim commented, “our development agreement with United Properties enables Granite City to properly plan and manage our long-term real-estate needs and a balanced development cycle. We are pleased to have a company such as United Properties realize the national potential of the Granite City concept. We look forward to the relationship and the benefits this brings to our Company.”
About Granite City
Granite City Food & Brewery Ltd. is a Modern American upscale casual restaurant chain that operates 25 restaurants in twelve (12) states. The menu features affordable yet high-quality, family favorite menu items prepared from made-from-scratch recipes and served in generous portions. The sophisticated yet unpretentious restaurants, proprietary food and beverage products, attractive price points and high-service standards combine for a great dining experience. Granite City opened its first restaurant in St. Cloud, Minnesota in 1999.
About United Properties
United Properties, based in Minneapolis, Minnesota, specializes in commercial real estate development and investment. Since 1975, United Properties has provided development services for the retail, residential, office, medical and industrial sectors. The company's residential development focuses on Applewood Pointe senior cooperative housing. In addition to a large presence in the Minneapolis-St. Paul market, United Properties expanded to Colorado through the opening of a retail development office and the acquisition of Ojala and Company. Formed in 1916, its investments group acquires, manages, finances, analyzes and disposes of United Properties' real estate investments, which includes more than 60 office, industrial and retail properties. (www.uproperties.com).
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