Plans begin to renovate, reposition the 100,000-sq.-ft. building
MINNEAPOLIS (May 13, 2013) – United Properties announced today that it has closed on the acquisition of 505 Nicollet Mall, the former site of Neiman Marcus, in downtown Minneapolis. United Properties will work with Shea Design to formalize renovation plans for the 100,000-sq.-ft., four-story building, with the goal of creating a design consistent with the plans for the adjacent retail space. Renovation work will be complete by the end of 2013.
“We are excited to revitalize this part of Nicollet Mall and currently are evaluating a variety of tenant uses,” said Bill Katter, executive vice president, United Properties. “We will deliver a large block of space on Nicollet Mall at a time when the market is increasingly looking for these unique opportunities.”
Over the past three years, United Properties has increased its investment and development activity in Minneapolis with its historic renovations to the Ford Center, its acquisition of the historic Loose-Wiles building (located at 701 Washington Ave. N.) and its sale of the 10th and Nicollet site to Target Corporation. Additionally, the company has optioned the Shapco Printing site at 524 N. Fifth Street in anticipation of a redevelopment in the near future.
505 Nicollet Mall represents the company’s third building acquisition in Minneapolis since 2007; downtown office tower McGladrey Plaza at Eighth Street and Nicollet Mall has been part of United Properties’ investment portfolio since 1994.
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 and Colorado. For more information, visit www.uproperties.com.