DENVER (Aug. 22, 2011) – United Properties has elected to withdraw from the redevelopment of the former Agilent campus in Loveland, Colo. for the Aerospace and Clean Energy (ACE) Manufacturing and Innovation Park, a project spearheaded by the Colorado Association for Manufacturing and Technology (CAMT). CAMT will continue with redevelopment of the Park, which has significant tenant interest.
United Properties was selected by CAMT in June 2011 to act as the redevelopment partner for the former Agilent campus. On June 21, CAMT and United Properties signed an Exclusive Right to Negotiate agreement with the City of Loveland, which gave the United Properties/CAMT team 60 days to negotiate with the City on the acquisition of the property. Now owned by the City of Loveland, the site is an 811,000-sq.-ft., four-building property that began in the 1960s as a single-tenant campus.
“In our experience in commercial real estate development, a project of this complexity requires significant resources, time and the collaboration of many parties to bring the project to a successful completion,” said Frank Dutke, president of United Properties. “During our limited exploratory period, two components critical to us – available credit tenancy and acceptable financing terms – do not appear to be achievable within the required timeframe. Regrettably, we have decided not to pursue this opportunity at this time.”
Loveland Mayor Cecil Gutierrez stated, “We’ve always known there could be bumps in the road. There are other interested parties prepared to engage with the City and CAMT.”
CAMT will continue to lead the statewide ACE Regional Innovation Cluster Initiative, and will work with the City of Loveland and other partners across the state to develop the ACE Park.
“Started in December of 2010 with the signing of a Space Act Agreement between CAMT and NASA, great strides have been taken to further technology acceleration for aerospace and clean energy companies,” said Elaine Thorndike, CAMT’s CEO. “Examples include multiple ACE Exchange events with national speakers, pilot programs for NASA technology matching and the development of a Supplier Asset Map.”
Please visit www.camt.com for information on ACE programs and the ACE Park as they become available.
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.
About the Colorado Association for Manufacturing and Technology
The Colorado Association for Manufacturing and Technology (CAMT) is a statewide manufacturing assistance center dedicated to increasing the competitiveness of Colorado manufacturers. CAMT is a public/private partnership convening government, not-for-profit and industry resources to provide services and programs that make Colorado firms thrive. CAMT is the state affiliate of the national Manufacturing Extension Partnership, a program of the U.S. Dept of Commerce, providing unique access to federal and state programs. For more information, visit CAMT’s website at www.camt.com.
City of Loveland