MINNEAPOLIS—A big change is about to take place in the downtown retail world. Saks has anchored 655 Nicollet Mall, also known as Gaviidae Common, for decades, but United Properties, in a joint venture with Capital Real Estate, Inc., has just acquired the first two floors of the building signed a lease with Walgreens to anchor the project. The 37,000-square-foot space will include Walgreens' first upscale format in Minnesota, and feature a wide variety of freshly made food, a beverage bar, frozen yogurt, sushi market and high-end cosmetics. It will have multiple entrance points including access to Nicollet Mall and the Minneapolis skyway system.
“We're excited about acquiring this outstanding location in the heart of downtown Minneapolis, and bringing Walgreens here in its first upscale store format to this market,” says Bill Katter, executive vice president of the Minneapolis-based United Properties. “The store's amenities will cater to both downtown office workers and to the people who live in the downtown area.”
The joint venture finalized its purchase of the 50,000-square-foot building on December 10, 2014. The remaining 10,000-square-feet is still available and is on the skyway level with direct access to Gaviidae Common and the IDS Center.
This is not the only big change to neighborhood retail. As reported in GlobeSt.com, when KBS Real Estate Investment Trust III acquired the RBC Plaza last year for $118.1 million, company officials decided to transform the adjacent four-story retail mall, formerly known as the Gaviidae Common II, into an integral part of the 40-story, 678,045-square-foot building. The third and fourth floors were recreated as modern office space, the rest into building amenities.
Capital Real Estate, Inc. represented Walgreens in the negotiations for the 655 Nicollet Mall space. BTS Construction has been named the general contractor on the project. It will begin construction in the first half of 2015 and finish by early fall 2015.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
