Construction slated for April on the redevelopment of the former Midway Stadium site
MINNEAPOLIS (Feb. 24, 2016) – United Properties and the St. Paul Port Authority will begin construction in April on the redevelopment of the former Midway Stadium site and have signed a lease with Tierney Brothers for 52,000 sq. ft. in the building.
The 189,000-sq.-ft. light industrial building with 24-foot clear ceiling heights will be located at 1785 Energy Park Drive, St. Paul. The building will be ready for occupancy in October 2016. It is being developed by a joint venture of United Properties and the St. Paul Port Authority. The developers plan to obtain LEED® certification for the building, making it the first LEED®-certified multi-tenant industrial building in Minnesota.
“We’ve had an overwhelming amount of interest in this location. It presents a rare opportunity to lease a large amount of a modern, industrial space in the center of the metro area,” said Brandon Champeau, vice president, United Properties. “With 2016 marking United Properties’ 100th anniversary, we are especially excited to develop a major project in St. Paul, where our company first began.”
“This building will make a great addition to this area, bringing new job opportunities and tax revenue to the city,” said Monte Hilleman, vice president of real estate development, St. Paul Port Authority.
Tierney will relocate its headquarters and will use the space for offices, a showroom, and warehousing. The new space will allow for company growth and expanded product offerings. Tierney is a Minnesota owned and operated technology integrator and has been in business for 39 years. Tierney is a growing, vibrant, and recognized leader in helping clients resolve critical business and educational issues by creating communications environments that enable people to learn and be productive.
“We look forward to having everyone under the same roof again after years of growth. It will bring us closer together as a team and ultimately make us even stronger,” said Rob Gag, CEO, Tierney.
In addition to United Properties and the St. Paul Port Authority, project partners include building architect LHB, Tierney’s interior designer DLR Group and general contractor R.J. Ryan. The transaction team included Todd Hanson, Jason Sell and Chris Weirens of Cushman & Wakefield/NorthMarq representing the joint venture partners, and Merrie Sjogren of Assembly representing Tierney.
About United Properties
United Properties, based in Minneapolis, 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 50 office, medical, industrial and retail assets in Minnesota, Wisconsin, Illinois and Colorado. For more information, visit www.uproperties.com or follow on Twitter at @UPDeepRoots.
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