Local industry vet Josh Delk to lead development office
MINNEAPOLIS (April 15, 2020) – Minneapolis-based development company United Properties will establish a development office in Austin, Texas, with the hiring of local industry veteran Josh Delk as senior vice president, Austin commercial development, effective April 13, 2020.
This move marks the third operating location for the privately held development company in its 104-year history. “We’ve studied the Austin market very carefully, our leadership has some familiarity with Austin, and we’ve generally been impressed by its growth trajectory and how it’s responded in both market expansions and downturns alike,” says Bill Katter, president and chief investment officer, United Properties Development.
“We also like the diversity and growth opportunities Austin provides to complement our existing Minneapolis and Denver markets, where we’ve been very successful,” Katter says. “We like the strong tech hub here, the culture and the people, whom we’ve gotten to know. We are very excited to get going here.”
United Properties has had just two private owners in its history. Since 1998 the company has been owned by the Pohlad family of Minneapolis, owners of a diverse portfolio of businesses including Major League Baseball’s Minnesota Twins. United Properties was originally established in 1916 by members of St. Paul’s Hamm family to develop establishments to serve their brewing company’s beer.
Delk most recently served as a regional partner with Transwestern, a company he was with for 13 years. “I did a lot of my own research on United Properties and its owners and believe they have a lot in common with Austin — they are entrepreneurial, trustworthy and community-focused,” he says. “I am super excited to get started.” Delk says that he’s like many people in the area: he came to school at the University of Texas at Austin and never left. He holds an MBA from the McCombs School of Business and a Bachelor of Science degree in accounting from Auburn University in Auburn, Alabama.
Delk and Katter say they are currently looking for an office location — likely in the greater downtown area — and expect to announce the location within the next several months. The office is expected to grow as the market rebounds, and “I would not be surprised if this office looks a lot like our Denver office in the near future,” added Katter.
“Our plan is to build a presence here in Austin and become a market leader across several different product types,” Delk says. United Properties brings expertise in industrial, office, mixed-use and senior housing; Delk brings prior expertise in many of these areas plus a strong multi-family residential background. “We believe that there is immediate opportunity in the industrial segment, and we expect that the residential market will rebound quickly after the current COVID-19 crisis is past us, given the influx of people moving into Austin,” he says.
The Pohlad Companies, which has been involved in banking and financial services in Texas for many years, currently provides debt, equity and loan servicing to commercial real estate owners and investors through its operating company NorthMarq, with offices in Austin, San Antonio, Dallas and Houston. Katter said he expects there will be synergy between the United Properties and NorthMarq teams.
“The expansion into the Austin market expands our family tree,” Katter says. “After building a strong foundation in the Twin Cities and Denver real estate industry and communities at large, we look forward to putting down deep roots in the Austin community and leaving lasting legacies — one of our key values.”
About United Properties
United Properties has been creating deep roots in the commercial real estate industry for more than 100 years. The company imagines new possibilities in real estate to help enrich communities and create lasting legacies. United Properties provides market expertise for ground-up development, redevelopment and acquisitions of value-add and stable investments. The company invests in and develops office, industrial, retail, mixed-use and senior housing properties. United Properties is owned by the Pohlad Companies and is headquartered in Minneapolis, with an office in Denver. For more information, visit www.uproperties.com or follow us on Twitter at @UPDeepRoots.