Pohlad-owned entities combine to pursue residential, commercial development opportunities
MINNEAPOLIS (May 1, 2012) – United Properties, a commercial real estate investment and development firm, has assumed ownership of Meridian Land Company LLC, a residential real estate firm specializing in acquiring, managing, developing, selling and financing land. Both firms are part of The Pohlad Companies.
The internal transfer of ownership was finalized April 30, 2012.
Frank Dutke, CEO/president of United Properties, said the move will enable United Properties to support the work of Meridian Land and connect Meridian’s residential development with potential United Properties commercial development opportunities. “We are pleased to work more closely with Meridian Land and encouraged about the improving market for its business growth,” Dutke said.
“This ownership structure will better fit the long term goals of Meridian Land to expand our business of residential land development and investment in markets across the country,” said Pete Luxhoj, CEO-Meridian Land Company LLC.
Meridian Land currently holds more than 900 finished lots and 700 acres of land for future development of single family and multi-family housing in Minnesota, Wisconsin, Virginia, Florida and Arizona. In addition, the company specializes in bank-owned land management and disposition of all types of bank-owned real estate, with a complete understanding of regulatory compliance constraints.
Luxhoj will be based in Richmond, Va. at the Meridian Land office there, together with eight employees. Meridian Land’s four Minnesota employees moved into United Properties’ corporate headquarters in Bloomington, Minn. last week.
The Pohlad Companies is organized into five significant business groups: Marquette Financial, which owns the banking and financing operations; Marquette Commercial Finance, a group of commercial finance companies; Marquette Real Estate Group, which owns the real estate operating companies, including United Properties; Marquette Technology, which contains four technology firms; and a group of entertainment outlets, including the Minnesota Twins, a Major League Baseball team based in the Twin Cities.
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 flex office 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.
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