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United Properties Wins Developer of the Year Honors

BLOOMINGTON, MN-The 88-year-old commercial real estate firm is rewarded for adapting to the tough economic cycles by focusing on new niches, such as grocery-anchored retail, healthcare facilities and senior housing. United CEO Boyd Stofer accepts the award Oct. 20 at NAIOP's annual meeting in San Diego.

By Jim McCartney | Updated on July 20, 2004

BLOOMINGTON, MN-Given United Properties’ reputation as a commercial real estate broker, some industry observers may be a bit surprised to hear about the company’s selection as the national “Developer of the Year.” The award was announced this week by the National Association of Industrial and Office Properties, the industry’s trade organization.

The last Twin Cities-based developer to win the award was the Opus Group, based in Minnetonka, MN, which won it in 1992. “It feels like winning an Oscar,” says Boyd Stofer, president and chief executive officer of United Properties, the commercial real estate firm based in Bloomington.

United has three distinct businesses–development, investment and corporate services–and has evolved to develop an expertise in such areas as grocery-anchored retail centers, healthcare facilities and senior housing, in addition to suburban office and industrial development, Stofer explains. United’s diversification has enabled it do survive and grown during both up and down market and economic cycles, he adds.”Our heritage is in suburban office development, but we have evolved and diversified in the face of the economy,” Stofer says.

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