News Release
United Properties Receives Approval to Develop Inver Grove Heights Business Park
MINNEAPOLIS (May 8, 2008) — Twin Cities-based commercial real estate developer and investor United Properties announced it has received preliminary approval from the City of Inver Grove Heights to develop Inverwood Business Park located at Hwy. 55 and Barnes Ave. in Inver Grove Heights, Minn. Groundbreaking is scheduled for late 2008 or early 2009.
When fully developed, the total project will include 470,672 sq. ft. of office space in five buildings. The remainder of 2008 will be spent receiving final approvals and grading the site in preparation for the groundbreaking. The United Properties development team of Bill Katter and Eric Simmer will oversee the development project. NorthMarq Real Estate Services will lease the space.
United Properties offers development expertise in office, industrial, retail, medical, residential and mixed-use projects and currently has 17 projects totaling almost 3 million square feet under development in Minneapolis, Milwaukee and Denver.
“We look forward to starting the development process on this property and bringing a first-rate business park to the southeast metro,” said Bill Katter, vice president of investments and development, United Properties. “Investment and development projects continue to fill our new business pipeline, and we remain optimistic in our new and existing market growth opportunities.”
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