UP and CRE, Inc. Buy Saks Location

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.”