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United Properties takes a prominent new perch in downtown Minneapolis



United Properties is in the thick of it.

The real estate company’s new space is right on “Main and Main” at Nicollet Mall and 7th Street in downtown Minneapolis.

The company moved from Bloomington in May after it purchased 51,000 square feet of office space on floors three and four at Gaviidae Common that was originally a Saks Fifth Avenue store.

United Properties’ 45 employees occupy 17,000 square feet of the space on the fourth floor.

With high ceilings, light wood floors and accent walls and large windows, which were uncovered from its days as a department store and doubled in size, the new modern offices have a different feel from the company’s old space at the Northland Center in Bloomington.

“We want it to feel warm and welcoming for our employees,” said Ann Riemersma, assistant vice president and operations manager.

The space also serves as a showroom for potential clients, Riemersma said.

The move to Minneapolis is the third major relocation in United Properties’ century-long history.

Some of the features of the new office include a cafe space with booths, a brand wall highlighting the firm’s developments, modern conference rooms and “UP Park,” a corner seating area that overlooks its latest project, the old Dayton’s department store. United Properties is helping to transform the site into a retail and office hub.

One of the office’s greatest assets is its location on a busy part of the skyway and close to mass transit.

“I think it’s very important to have a space where workers want to be,” Riemersma said.

DLR Group was the architect for the office project, with Anderson CC acting as general contractor.

The remainder of the available space on floors three and four that United Properties owns is being marketed to possible tenants as “7th and Nic.” United Properties also bought part of the first and second floors at Gaviidae and leased the space to Walgreens.

Large portfolio of Twin Cities medical office buildings sold

6565 France SMC III

Fifteen Twin Cities medical office buildings and clinics have recently switched hands as part of a $400 million deal.

IRET, a real estate company based in Minneapolis and Minot, N.D., has sold 25 medical office buildings to Harrison Street Real Estate Capital LLC of Chicago.

The sale included properties in Minneapolis, Edina, Burnsville, Brooklyn Center, Brooklyn Park, Lake Elmo and St. Michael.

CBRE’s Healthcare Capital Markets Group, headed by Chris Bodnar and Lee Asher, partnered with BMO Capital Markets to serve as advisers on the sale, which closed Dec. 29.

IRET announced last November that it planned to sell its entire health care building portfolio. IRET will unload the rest of that portfolio over the next six months and focus more on multifamily properties.