DENVER (May 6, 2014) – United Properties, a Minneapolis-based developer and investor with a regional office in Denver, announces it has acquired an additional 24 acres east of its industrial development Enterprise Business Center (EBC) from Forest City Stapleton, Inc., the master developer for the redevelopment of Stapleton. Located near the southwest corner of Interstate 70 and Havana Street in Denver, the plan for the second phase of EBC is a 467,000-sq.-ft. bulk cross-dock industrial building.
“We’ve had a tremendous amount of activity at EBC, which spurred our acquisition of additional land for more industrial development,” said Kevin Kelley, vice president, United Properties.
The first phase of the Class A industrial development will be comprised of four buildings with a combined 700,000 sq. ft. once complete; of that, 600,000 sq. ft. is leased or pending final lease.
- United Properties broke ground on the first two buildings in 2013 with Swire Coca-Cola USA taking all 257,000 sq. ft. of one industrial building. Tire Rack is leasing approximately 55 percent of the other 231,000-sq.-ft. building; another tenant is in final negotiations for 50,000 sq. ft. of the remaining space. Swire Coca-Cola USA and Tire Rack will move into the first two buildings the summer of 2014.
- With two leases signed, United Properties recently began construction on the second set of industrial buildings at EBC totaling 100,000 sq. ft. each. One tenant will occupy all of one of the buildings and the other building is 44 percent pre-leased. Both tenants will move into the new buildings in November 2014.
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, office and industrial buildings. Formed in 1916, the United Properties investments group acquires, manages, finances and disposes of the company’s real estate investments, which includes nearly 60 office, medical, industrial and retail assets in Minnesota, Wisconsin, Illinois and Colorado. For more information, visit www.uproperties.com.