Property manager for Calhoun Square
Angela Richter joined the Ackerberg Group two months before the company acquired the landmark Calhoun Square at the busy intersection of W. Lake Street and Hennepin Avenue S. in Minneapolis’ Uptown. She was hired as property manager of the 170,521-square-foot urban retail center, which has gone through three ownership changes in the past decade. She helped with due diligence, restructuring the tenants’ leases, and “getting a real good feel for the building,” she says.
Ackerberg closed on the purchase in April, paying $69.5 million for Calhoun Square, the adjacent parking ramp and a vacant lot that has development potential. Ackerberg — the largest commercial real estate landlord in Uptown
Q: What’s happened since the acquisition?
A: We signed our first lease with Arc’teryx, a more upscale outerwear clothing retailer out of Canada. They’re a chain, but we’re going to be their only Minnesota location. That’s the type of tenant we’re looking for.
Q: Is Ackerberg starting to do updates?
A: Little by little. “Only Expect Change” is our campaign here. It’s on our banners. We’re still expecting that change, but it takes a little bit of time. But everybody’s just excited that we’re here and that it’s local ownership. I think that’s been a big deal — not only for the tenants of Calhoun Square, but everybody around us, too.
Q: What are your main responsibilities?
A: Really the operations and day-to-day activity. So making sure that the building stays clean, the landscaping gets done, the light bulbs are changed, the toilets are unclogged — all of the glamorous stuff. I have a marketing manager here and a property administrator. We take a lot of time to walk the property and make sure nothing gets overlooked.
Q: What do you bring to the table?
A: I have a very bubbly personality, and that’s kind of what the property needed at the time. The previous ownership was more hands-off. I’ve made it a point to be out and be seen and really get to know the tenants.
Q: Owner Stu Ackerberg has said he’s exploring options for retail, office or a hotel for the vacant parcel.
A: Yes. We’re still working on plans for the development of that property. That’s another opportunity that’s just sitting right next door.
Liz Wolf is an Eagan-based freelance writer. She can be reached at firstname.lastname@example.org.