Haugland Company’s 50th and France Redevelopment Enhances Area with Local and National Retail Tenants
United Properties/NorthMarq completes leasing of 5000 France retail space
MINNEAPOLIS (March 25, 2008) — Haugland Company, along with commercial real estate leader United Properties/NorthMarq, today announced the final signed lease in Haugland Company’s 5000 France redevelopment; along with its retail space at 3924 W. 50th Street. Bumbershute, a women’s clothing and accessories boutique, will be the final tenant to fill the available space at 5000 France.
The 5000 France redevelopment is an upscale mixed-use development that has 22,500 sq. ft. of new street-level retail space and three stories of residential condos. The redevelopment project is located at the vibrant intersection of 50th and France in Edina.
The project started in late 2005 and has attracted up-scale national and local retailers, including two retailers making their first foray into the Twin Cities market, Sur La Table and CosBar. Sur La Table, based in Seattle, opened in June and is the premier retailer of creative cooking and entertaining products. CosBar, a custom skin care and cosmetics boutique based in Aspen, Colo., opened in August.
“The mix of local and national tenants occupying the 5000 France redevelopment offer variety and sophistication to an area known for providing a premier retail experience,” said Stefanie Meyer, vice president, retail leasing, United Properties/NorthMarq. “The tenants filling this redevelopment and the surrounding area offer a retail experience that is as good as this area has seen in the past 15 years.”
Two existing tenants – RF Moeller Jewelers and Edina Grill – reopened fall 2006 in newly completed spaces. A third tenant, TCF Bank, relocated to 5000 France from its location at 3924 W. 50th Street and opened for business last June. Bumbershute will relocate from Lake Street in Wayzata and will open for business in May.
In addition to tenants filling the redeveloped space, new tenants have been secured to fill existing retail space made available by tenant relocation to 5000 France. Priscilla of Boston will open its twelfth nationwide store – its first Minnesota location – in May. The upscale bridal boutique will occupy the space vacated by TCF Bank at 3924 W. 50th Street. In addition, Decori Designs (formerly The Accessory Collection/Designer Home Fabrics) relocated to the completely remodeled, single story building in September from the 5000 France development site. The new retailers complement more than 150 retailers, restaurants and service providers in the broader 50th and France area.
“We are extremely pleased to have filled our retail space at 50th and France – we believe each tenant shares in our vision of making a long-term commitment to this neighborhood,” said Gene Haugland, president, Haugland Company. “The new retail tenants and luxury residential condominium community bring a new level of vitality to the surrounding area.”
Stefanie Meyer and Peter Armbrust from United Properties/NorthMarq represented Haugland in identifying and securing the retail tenants. United Properties will reorganize its Real Estate Services divisions, including Brokerage, Property Management, Construction and Corporate Solutions, under the NorthMarq name beginning May 5.
Stefanie Meyer
Peter Armbrust
The condominiums range from 1,500 square feet to more than 3,000 square feet. The two- to three-bedroom plus den luxury condos include a fireplace, custom millwork, high-end finishes and spacious balconies and terraces. Building amenities include a private, street-level residential entrance, a fitness room and heated, underground parking.
About Haugland Company
Established in 1996, Haugland Company develops commercial and industrial properties for its clients and its own accounts. The company primarily focuses in commercial, industrial and mixed-use development. With over 75 years of combined real estate experience, the Haugland team possesses a wealth of real estate knowledge, enabling the firm to make informed decisions and provide exceptional service throughout the course of its clients’ projects.
About United Properties
United Properties will reorganize its Real Estate Services divisions, including Brokerage, Property Management, Construction and Corporate Solutions, under the NorthMarq name. United Properties will focus on its Development and Investment businesses. The reorganization is expected to be complete by May 5, 2008.
United Properties, based Minneapolis, Minnesota, is a diversified commercial real estate company with more than 500 employees and 30 million square feet of office, corporate, industrial, retail and multi-family properties under management. The company specializes in the full range of real estate services, including brokerage, property management, healthcare real estate, corporate real estate services, construction, along with businesses in retail, residential, office and industrial development. United Properties serves more than 200 markets throughout the world through its affiliations with ONCOR International and ChainLinks Professional Resource Network.