Center has gone from 88 percent to 97 percent occupancy
MINNEAPOLIS (Nov. 8, 2010) – United Properties announces that Dollar Tree, the nation’s leading operator of discount variety stores, has opened its new 7,971 sq. ft. of space at Argonne Village. Miller Comfort Dental has also signed a lease at the neighborhood retail center in Lakeville, Minn. The new dental practice will occupy 3,235 sq. ft. and plans to open for business by the end of the year. The two leases increase the center’s occupancy from 88 percent to 97 percent.
“With standard neighborhood retail vacancy at 14 percent, our retail properties are far above market average,” said Matt Sonntag, assistant vice president and asset manager, United Properties. “Occupancy for our Twin Cities retail properties is nearly 97 percent and we have worked hard for that.”
United Properties is represented at Argonne Village by leasing agents Peter Armbrust and Ronn Thomas of NorthMarq, which also handles the management of the 113,000-sq.-ft. retail center.
Dollar Tree was represented in the transaction by Jamie Cohen of Upland. With Argonne Village not immediately able to accommodate the size needs of Dollar Tree, the owner and leasing team created a relocation solution with existing tenants.
Represented by Nancy Flicek of Christianson & Company, Miller Comfort Dental is a new dental practice for Robert B. Miller, DDS, who previously practiced in Lakeville. The newly designed space will include two hygiene rooms, treatment rooms, a large reception area and room for expansion.
Developed and owned by United Properties, Argonne Village is anchored by the first Rainbow Foods prototype in Minnesota. Built in 2005, the property also includes 30,000 sq. ft. of attached shop space and is part of a larger retail development in Lakeville. A former World War I soldier resettlement area named in memory of veterans, the Argonne Village 30+ acre site came together over four years by assembling 12 separately owned parcels.
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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