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United Properties closes deal on former Neiman Marcus retail space

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United Properties has completed its purchase of 505 Nicollet Mall, formerly occupied by luxury retailer Neiman Marcus that closed in January, in downtown Minneapolis, the Business Journal reports.

Bloomington-based United Properties, which is owned by the Pohlad family, first announced its plans to buy the now-shuttered retail space last month.

The future use of the 100,000-square-foot building remains unclear, but the new owners plan to complete renovations by the end of the year.

“We are excited to revitalize this part of Nicollet Mall and currently are evaluating a variety of tenant uses,” said Bill Katter, executive vice president of United Properties, according to the Business Journal. “We will deliver a large block of space on Nicollet Mall at a time when the market is increasingly looking for these unique opportunities.”

The Journal notes a possible tenant is the Star Tribune since the newspaper's headquarters could be redeveloped to make room for a bigger plaza surrounding the new Vikings stadium.

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