News Release
Tenants Take Occupancy at Marketplace at Austin Bluffs, Leasing Activity Signals Continued Progress for Redevelopment
Construction complete – remaining 45,000 sq. ft. expected to be occupied by mid-2009
DENVER (Oct. 21, 2008) — New tenants, including Qdoba Mexican Grill, Papa Murphy’s and Veterans Liquor have now opened at Marketplace at Austin Bluffs. The redevelopment project, located at the Northwest corner of Austin Bluffs Parkway and American Boulevard in Colorado Springs, also has attracted tenants Froots Smoothies, Great Clips and Mattress World, all of which are expected to be open by the end of the year.
This project is a development of United Properties, a Minneapolis-based commercial real estate developer and investor with regional offices in Denver. United Properties purchased the shopping center for redevelopment in 2005. Now fully developed, the total project includes 230,000 sq. ft. of retail space in seven buildings. Developer Kevin Kelley has been overseeing the development project, with leasing handled by David, Hicks & Lampert Brokerage.
“With these new retail, service and restaurant tenants, we are seeing the revitalization of this area, to the benefit of the community,” said Kevin Kelley, vice president and regional manager, United Properties. “The mature residential neighborhoods and scheduled expansion of the University of Colorado – Colorado Springs make this a very attractive area for this type of project. We look forward to welcoming additional tenants to the center in 2009 prior to our grand re-opening next summer.”
King Soopers, Hancock Fabrics and 24 Hour Fitness remain anchor tenants in the development. The fourth anchor tenant, Office Depot, is scheduled to open in spring of 2009. King Soopers, which opened at the end of July, stated it was pleased with its grand opening at the Marketplace at Austin Bluffs location.
United Properties and occupying tenants are planning a grand reopening celebration in mid-2009.
About United Properties
United Properties, based in Minneapolis, Minn., 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. In addition to a large presence in the Minneapolis-St. Paul market, United Properties' Colorado division develops retail properties, as well as office and flex office buildings through the recent acquisition of Ojala and Company. United Properties currently has 30 employees in development in Colorado. Formed in 1916, the United Properties investments group acquires, operates, repositions and disposes of the company's real estate investments, which includes nearly 60 office, industrial and retail assets in Minnesota, Wisconsin and Colorado. United Properties is a subsidiary of Marquette Real Estate Group. For more information, visit (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