City of Bloomington approves plans for mixed use redevelopment

MINNEAPOLIS (Dec. 9, 2010) – United Properties and StuartCo received final development plan approval from the City of Bloomington in late November for a multi-phase retail and residential project at the intersection of Penn Avenue and American Boulevard in Bloomington, Minn. Beginning in May 2011, the first phase will include construction of Genesee apartments and town homes, comprised of 234 housing units, built by StuartCo, and two retail buildings built by United Properties.

According to United Properties development manager Brandon Champeau, the plan for the three-acre first phase includes three buildings consisting of:

• A four-story building with 14,000 square feet of retail and restaurants and 60 apartments above
• An eight-story apartment building with 152 units
• A four-story townhome building with 22, two-story units

The site will re-establish the grid system in the immediate area, allowing future redevelopment to occur in smaller phases, and will include surface, secured structured and public on-street parking. The next phase is expected to include additional retail and office space.

“There’s a definite demand for upper-end market apartment units in the City of Bloomington. The 494 strip location is outstanding; it’s close to retail, easy access to major freeways, airport and several large employers. We are confident that this area will attract all ages for housing,” said Ryan Dunlay, vice president, StuartCo Development.“Our vision is to develop a product that fits the lifestyle of this location with a full amenity package to include rooftop deck, state-of-the-art fitness center, outdoor pool, movie theater and unique floor plans. StuartCo is proud to add this development Genesee to our portfolio of properties.”

“The pre-development work for this project took place in some of the choppiest seas our industry has seen. The City of Bloomington and particularly its HRA have worked closely with us through the entire process, making the Penn & American development different, and very much improved from the original concept,” said Keith Ulstad, senior vice president, United Properties. “Our design, mix of uses and integration into the transportation system brings out the best in the sub-market, our location and our specific project site.”

United Properties worked for nearly five years planning the new development, which will replace two former car dealerships. The Bloomington Housing and Redevelopment Authority and United Properties have an agreement under which United Properties will develop the site with StuartCo.

About StuartCo

StuartCo, based in Minneapolis, Minn., celebrated their 40th year of developing, operating and owning multi-family properties. Over the company history we have owned and operated properties in the Upper Midwest – primarily Minnesota, Wisconsin and Nebraska. We currently operate 5,000 units of apartments, over 130,000 of commercial space and a home health care division that services our senior campus in the Highland Park area of St. Paul. For more information on Genesee or any other projects, please visit www.stuartco.com.

(A digital rendering is available by request.)

Media Contacts

Martha Nevanen
Vice President, Marketing Communications
952-893-7539
martha.nevanen@marquettere.com

Jessie Folkens
Sr. Communications Consultant
952-837-8516
jessie.folkens@marquettere.com

1912 building receives approval for historic renovation designs

MINNEAPOLIS (Nov. 23, 2010) – United Properties announces that the Ford Center* has signed a lease with HGA Architects and Engineers for 80,000 sq. ft. in its historic office building in the Minneapolis Warehouse District. To ready the Ford Center for 2011 renovations, United Properties also recently received historic renovation design approval from the National Park Service and the Minneapolis Heritage Preservation Commission, and approval for a building addition from the City of Minneapolis Planning Commission.

With the new lease, HGA will move into renovated space on the first four floors in the summer of 2011. Russ Nelson and Anna Coskran of Nelson, Tietz and Hoye represented HGA in the transaction. HGA will serve as the project architect on the renovations and manage the process for the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) certification.

“As HGA serves an expanding national and regional client base, the Ford Center’s generous floor plates supportcollaborative teamwork – and its proximity to light rail and public transit reinforces our firm’s commitment to urbanism and sustainability,” said Stephen Fiskum, chief operating officer, HGA.

The project is led by John Saundersand Bill Katter of United Properties and will begin in December 2010, subject to final permitting. The team also includes leasing agents Jim Montez and Sonja Breyfogle of NorthMarq, historic consultant Charlene Roise of Hess Roise, and general contractor RJM Construction.

United Properties has committed to a large scale redevelopment consistent with the historic nature of the building and the transformation of this area of Minneapolis:

• The window line – the most distinguishing characteristic of Ford Center– will be restored with more energy efficient windows while preserving the original design.
• The main level of the building will feature a hallway with 18 foot ceiling heights, and exposed columns that display the original building architecture.
• All new mechanical systems, restrooms and elevators will be included in the renovation.
• The HGA floors and all office floors will be built out with open ceiling heights of nearly 12 feet, incorporating a raised floor system with under floor delivery of conditioned air.
• The Fifth Street entrance will be recreated to simulate the historic entrance to the building and will connect pedestrians and users to future-expanded Light Rail Transit, making the building one of the first transit-oriented office redevelopments in the City of Minneapolis.
• The lower level of the building will include executive parking and a building-common fitness center, which will be located in the former train shed area of the building.

“This is one of our most unique locations and renovation projects – and a commitment to help redevelop the ballpark neighborhood,” said Frank Dutke, president, United Properties. “The process has been extensive, including local historic and national preservation approvals.”

Owned by United Properties since August 2007, the 265,000-sq.-ft. office building is adjacent to Target Field and the future downtown light rail and Northstar commuter hub. The 11-story building was built in 1912 as a vertical assembly plant and car showroom for Ford Motor Company.

*  during the renovation planning, the building has been renamed Ford Center (previously Ford Centre)

Media Contacts

Martha Nevanen
Vice President, Marketing Communications
952-893-7539
martha.nevanen@marquettere.com

Jessie Folkens
Sr. Communications Consultant
952-837-8516
jessie.folkens@marquettere.com

Center has gone from 88 percent to 97 percent occupancy

MINNEAPOLIS (Nov. 8, 2010) – United Properties announces that Dollar Tree, the nation’s leading operator of discount variety stores, has opened its new 7,971 sq. ft. of space at Argonne Village. Miller Comfort Dental has also signed a lease at the neighborhood retail center in Lakeville, Minn. The new dental practice will occupy 3,235 sq. ft. and plans to open for business by the end of the year. The two leases increase the center’s occupancy from 88 percent to 97 percent.

“With standard neighborhood retail vacancy at 14 percent, our retail properties are far above market average,” said Matt Sonntag, assistant vice president and asset manager, United Properties. “Occupancy for our Twin Cities retail properties is nearly 97 percent and we have worked hard for that.”

United Properties is represented at Argonne Village by leasing agents Peter Armbrust and Ronn Thomas of NorthMarq, which also handles the management of the 113,000-sq.-ft. retail center.

Dollar Tree was represented in the transaction by Jamie Cohen of Upland. With Argonne Village not immediately able to accommodate the size needs of Dollar Tree, the owner and leasing team created a relocation solution with existing tenants.

Represented by Nancy Flicek of Christianson & Company, Miller Comfort Dental is a new dental practice for Robert B. Miller, DDS, who previously practiced in Lakeville. The newly designed space will include two hygiene rooms, treatment rooms, a large reception area and room for expansion.

Developed and owned by United Properties, Argonne Village is anchored by the first Rainbow Foods prototype in Minnesota. Built in 2005, the property also includes 30,000 sq. ft. of attached shop space and is part of a larger retail development in Lakeville. A former World War I soldier resettlement area named in memory of veterans, the Argonne Village 30+ acre site came together over four years by assembling 12 separately owned parcels.

Media Contacts
Martha Nevanen
Vice President, Marketing Communications
952-893-7539
martha.nevanen@marquettere.com

Jessie Folkens
Sr. Communications Consultant
952-837-8516
jessie.folkens@marquettere.com

Ohio Farmers Insurance Company occupying 18,200 sq. ft.

MINNEAPOLIS (Sept. 15, 2010) – United Properties announces that Ohio Farmers Insurance Company has signed an 18,200-sq.-ft. lease at Normandale Place, its office building in Bloomington, Minn. The company moved into its new space Sept. 1.

United Properties is represented at Normandale Place by NorthMarq office leasing professionals Dan Gleason, senior vice president, Dan Nechanicky, vice president, and Zach Pettus, associate. The 80,000-sq.-ft. office building is located at 8201 Norman Center Drive off of Interstate 494 and Highway 100.
Ohio Farmers Insurance Company was represented in the transaction by Jason Butterfield of Cushman & Wakefield.

About NorthMarq
NorthMarq offers commercial real estate services, including transaction and advisory services, real estate management, and debt and equity placements, to investors and occupiers of commercial real estate from its headquarters in Minneapolis.
The company manages more than 60 million sq. ft. of retail, industrial and office assets in 22 markets around the country, handles more than 7,500 transactions annually and provides real estate debt and equity financing, and commercial loan servicing in 32 offices coast-to-coast, with an average of $10 billion in annual production volume and services a loan portfolio of more than $39 billion. For more information, visit www.northmarq.com.

Media Contacts
Martha Nevanen
Vice President, Marketing Communications
952-893-7539
martha.nevanen@marquettere.com

Jessie Folkens
Sr. Communications Consultant
952-837-8516
jessie.folkens@marquettere.com

New lease and additional lease extension with Fairview Health Services totals 20,000 sq. ft.

MINNEAPOLIS (Sept. 13, 2010) – United Properties announces that Fairview Health Services School of Radiation Therapy has signed a seven-year lease at Southdale Place, its four-story 68,385-sq.-ft. medical building in Edina, Minn. A division of Fairview’s Educational Center, the new tenant recently took occupancy of 5,900 sq. ft. on the fourth floor. Fairview Health Services also renewed a 14,400-sq.-ft. space on the second and fourth floors.

Fairview Health Services School of Radiation Therapy is coming to Southdale Place from Southdale Medical Center. Working with hospital radiology staff, the school was looking for academic and imaging space close to Fairview Southdale Hospital.

“We are fortunate that Fairview Health Services School of Radiation Therapy and Fairview’s Imaging Services are located at Southdale Place – it is such a conducive site for student education,” said Linda Dehrer-Wendt, program director, Fairview Health Services School of Radiation Therapy.

Fairview Health Services was represented by Steve Brown of NorthMarq’s Healthcare Advisory Group. United Properties is represented at Southdale Place by leasing agents Dan Nechanicky and Chris Jacobson of NorthMarq, which also handles the management of the medical office building.

About NorthMarq
NorthMarq offers commercial real estate services, including transaction and advisory services, real estate management, and debt and equity placements, to investors and occupiers of commercial real estate from its headquarters in Minneapolis.
The company manages more than 60 million sq. ft. of retail, industrial and office assets in 22 markets around the country, handles more than 7,500 transactions annually and provides real estate debt and equity financing, and commercial loan servicing in 32 offices coast-to-coast, with an average of $10 billion in annual production volume and services a loan portfolio of more than $39 billion. For more information, visit www.northmarq.com.

Media Contacts
Martha Nevanen
Vice President, Marketing Communications
952-893-7539
martha.nevanen@marquettere.com

Jessie Folkens
Sr. Communications Consultant
952-837-8516
jessie.folkens@marquettere.com

MINNEAPOLIS (August 23, 2010) – United Properties announces the following retail real estate transactions completed in Denver and Colorado Springs.

Highlands Ranch retail center adds Allstate Insurance and Weight Watchers

The Plaza at Highlands Ranch, the United Properties-owned 244,000 sq. ft. retail center in Highlands Ranch, has secured leases for 1,300 sq. ft. with Jack Sughrue of Allstate Insurance, 1,800 sq. ft. with Weight Watchers and 3,689 sq. ft. with TreeHouse Discovery. The tenants moved into their spaces this summer. Allstate was represented by Erin Hoover of the Summit Group; Weight Watchers and TreeHouse Discovery were represented by Lisa Vela of ColliersInternational.

Two Hispanic retailers open at Plaza Las Americas in Thornton

United Properties added three new tenants to this 65,000 sq. ft. center: Las Tortugas, Amelia’s Hair Salon and Comfy Nails. Both the 1,855 sq. ft. quick-serve restaurant Las Tortugas and 1,010 sq. ft. Amelia’s salon opened in June and were represented by Legend Retail. Comfy Nails will open this fall in 1,010 sq. ft. of space.

Dairy Queen under construction at Lakewood retail center

United Properties finalized a lease with Dairy Queen for its 1,540 sq. ft. store at the Shops at Eastman in Lakewood. Dairy Queen moved into its space in early August. State Beauty Supply also joined the center this spring with 1,900 sq. ft.

Colorado Springs retail hub welcomes three new businesses, bringing occupancy to 97 percentMarketplace at Austin Bluffs, the redeveloped 227,000 sq. ft. retail center in Colorado Springs, has secured leases with TCBY, A Mobile Locksmith and Credit Union of Colorado. The transactions bring the center’s occupancy to 97 percent. The center also includes the second-largest King Soopers.

United Properties Jamie Pollock represented the owner in all of the transactions.

Media Contacts

Martha Nevanen
Vice President, Marketing Communications
952-893-7539
martha.nevanen@marquettere.com

Jessie Folkens
Sr. Communications Consultant
952-837-8516
jessie.folkens@marquettere.com

MINNEAPOLIS, Minn. (June 1, 2010) — United Properties announces that the following leases have been signed in its office real estate portfolio.

Two new leases secured at Centennial Lakes Office Park

United Properties has secured leases with two new tenants at Centennial Lakes Office Park in Edina, Minn. In both transactions, United Properties was represented by NorthMarq leasing agents Jim Jetlandand Tom Sampair.

Capstone Advisory Group LLC, represented by Jim Schlundt of First Industrial Realty Trust, has signed a lease for 5,110 sq. ft.

A lease was also secured with BMS Intermediaries, Inc. The company had been subleasing a 5,400-sq.-ft. space from another tenant at the park and signed an agreement to become the primary lessee of the space. BMS Intermediaries, Inc., was represented by Jim Damiani of Welsh Companies.

Located in Edina, Minn., the office park includes five buildings and a Macaroni Grill totaling 835,000 sq. ft. and is surrounded by a city park, multi-family housing and retail. The project, developed between 1996 and 2001, is a joint venture owned by United Properties and State Farm.

New tenant moving into Northland Center

United Properties, represented by NorthMarq’s Bill Rothstein, also secured a 10-year lease with Hammargren & Meyer P.A. for space at Northland Center in Bloomington, Minn. The law firm, represented by Mike Perkins of Welsh Companies, will occupy 8,500 sq. ft.  Northland Center comprises two connected, seven-story buildings totaling 465,000 sq. ft.

About NorthMarq

NorthMarq offers commercial real estate services, including transaction and advisory services, real estate management, and debt and equity placements, to investors and occupiers of commercial real estate from its headquarters in Minneapolis. The company manages more than 60 million sq. ft. of retail, industrial and office assets in 22 markets around the country, handles more than 7,500 transactions annually and provides real estate debt and equity financing, and commercial loan servicing in 32 offices coast-to-coast, with an average of $7 billion in annual production volume and services a loan portfolio of more than $40 billion.

Media Contacts

Martha Nevanen
Vice President, Marketing Communications
952-893-7539
martha.nevanen@marquettere.com

Jessie Folkens
Sr. Communications Consultant
952-837-8516
jessie.folkens@marquettere.com

MINNEAPOLIS (May 3, 2010) – United Properties has announced that Centennial Lakes Office Park has earned the U.S. Environmental Protection Agency’s (EPA’s) prestigious Energy Star, the national symbol for protecting the environment through superior energy efficiency. This signifies that the building performs in the top 25 percent of similar facilities nationwide for energy efficiency

Located in Edina, Minn., the office park includes five buildings and a Macaroni Grill totaling 835,000 sq. ft. and is surrounded by a city park, multi-family housing and retail. The project, developed between 1996 and 2001, is a joint venture owned by United Properties and State Farm.

“Centennial Lakes Office Park is pleased with EPA’s Energy Star in recognition of our energy efficiency efforts,” said Sonya Huber, general manager — NorthMarq, the leasing and management company. “Through this achievement, we have demonstrated our commitment to environmental stewardship while also lowering our energy costs.”

Commercial buildings that earn the Energy Star use an average of 35 percent less energy than typical buildings and also release 35 percent less carbon dioxide into the atmosphere. Centennial Lakes Office Park improved its energy performance by strategically managing energy within the park and by making cost-effective improvements to its buildings.

To earn the Energy Star, Centennial Lakes Office Park took the following actions:

• Conducted an energy audit with Xcel Energy and RealWinWin
• Re-lamped the common areas of the property, moving away from a 32W to a 28W and 25W lamp
• Upgraded energy management system and made several programming changes to enhance the performance of the property
• Implemented tenant and employee education and awareness campaign to help to reduce the park’s energy usage

EPA’s Energy Star energy performance scale helps organizations assess how efficiently their buildings use energy relative to similar buildings nationwide. A building that scores a 75 or higher on EPA’s 1-100 scale is eligible for the Energy Star.

“Improving the energy efficiency of our nation’s buildings is critical to protecting our environment,” said Jean Lupinacci, chief of the Energy Star Commercial and Industrial Branch. “From the boiler room to the board room, organizations are leading the way by making their buildings more efficient and earning EPA’s Energy Star.”

About NorthMarq

NorthMarq offers commercial real estate services, including transaction and advisory services, real estate management, and debt and equity placements, to investors and occupiers of commercial real estate from its headquarters in Minneapolis. The company manages more than 60 million sq. ft. of retail, industrial and office assets in 22 markets around the country, handles more than 7,500 transactions annually and provides real estate debt and equity financing, and commercial loan servicing in 32

offices coast-to-coast, with an average of $10 billion in annual production volume and services a loan portfolio of more than $39 billion. For more information, visit www.northmarq.com.

About Energy Star

Energy Star was introduced by EPA in 1992 as a voluntary, market-based partnership to reduce greenhouse gas emissions through energy efficiency. Today, the Energy Star label can be found on more than 60 different kinds of products, new homes, and commercial and industrial buildings. Products and buildings that have earned Energy Star prevent greenhouse gas emissions by meeting strict energy-efficiency specifications set by the government. For more information, visit www.epa.gov.

Media Contacts

Martha Nevanen
Vice President, Marketing Communications
952-893-7539
martha.nevanen@marquettere.com

Jessie Folkens
Sr. Communications Consultant
952-837-8516
jessie.folkens@marquettere.com

MINNEAPOLIS (April 2, 2010) – United Properties announced that the U.S. Green Building Council awarded Southpoint Office Center in Bloomington, Minn., its LEED Silver Level certification for Existing Buildings: Operations & Maintenance. In addition to its recent LEED Silver certification, the United Properties’ owned 14-story, Class A office building recently secured a new lease with the Federal Milk Market Administration and a lease expansion with United Bankers’ Bank, bringing the building to 92 percent leased.

Key factors contributing to the LEED Silver certification for the 366,807-sq.-ft. building include:

• Reducing potable water usage by 15 percent, saving approximately 1.3 million gallons a year
• Increasing recycling rates to more than 50 percent
• Recycling or reusing more than 48 tons of construction waste during 2009
• Implementing both a green education program and employee wellness program
• Earning an Energy Star rating of 90, which represents energy efficiency at the 90th percentile
• Ensuring that more than 90 percent of the janitorial products and materials used adhere to the most rigorous green cleaning standards

Media Contacts

Martha Nevanen
Vice President, Marketing Communications
952-893-7539
martha.nevanen@marquettere.com

Jessie Folkens
Sr. Communications Consultant
952-837-8516
jessie.folkens@marquettere.com

Leasing activity brings Bloomington office complex to 87 percent

MINNEAPOLIS (May 24, 2010) – United Properties announces that it has signed a lease with Avtex at Northland Center, formerly Northland Executive Office Center, in Bloomington, Minn. The technology company Avtex will move into its 15,000-sq.-ft. space in fall 2010 from its current location at SouthTech Plaza in Bloomington. With the new lease and other lease extensions, the latest transaction adds a new tenant to the United Properties-owned 465,000-sq.-ft. office complex and brings the occupancy to 87 percent.

Other recent leasing activity for Northland Center includes: current tenant Forward Hindsight extending its lease and expanding into 2,500 sq. ft.; and current tenant Inetium extending its lease for its 16,300-sq.-ft. space.

The NorthMarq Brokerage team of Bill Rothstein and Dan Wicker represented United Properties in the transactions.

A 465,000-square-foot office complex built in phases in 1981 and 1983, Northland Center was renamed as part of the significant interior renovations and exterior improvements in 2010. Northland Center recently was awarded the U.S. Green Building Council LEED Silver Level certification for Existing Buildings: Operations & Maintenance.

Media Contacts
Martha Nevanen
Vice President, Marketing Communications
952-893-7539
martha.nevanen@marquettere.com

Jessie Folkens
Sr. Communications Consultant
952-837-8516
jessie.folkens@marquettere.com