Today, Bloomington-based United Properties confirmed that it has closed on the purchase of the former Neiman Marcus store at 505 Nicollet Mall in downtown Minneapolis. Terms were not immediately disclosed.
United Properties will work with Shea Design on renovation designs for the 100,000-square foot building, work will which be completed by the end of this year. The design will be "consistent with the plans for the adjacent retail space," the firm said in a news release.
Bill Katter, executive vice president of United Properties, said in a statement the firm is "excited to revitalize this part of Nicollet Mall and currenly are evaluating a variety of tenant uses."
United Properties has been a big player of late in large projects downtown, including the renovation of the historic Ford Center site, the acquisition of the Loose-Wiles building on 701 Washington Ave. N., and the sale of the 10th and Nicollet site to Target Corp. The company also has optioned the Shapco Printing site at 524 N. Fifth St. with an eye towards redevelopment in the "near future." UP also owns the McGladrey Plaza office tower at Eighth St. and Nicollet Mall.
Janet Moore covers commercial real estate for the Star Tribune.