Saks Fifth Avenue OFF 5TH Signs Lease at Minneapolis City Center
Minneapolis, MN – January 27, 2015 – Shorenstein Properties LLC and Saks Fifth Avenue OFF 5TH today announced that Saks Fifth Avenue OFF 5TH has signed a lease for 40,321 square feet in the retail portion of Minneapolis City Center, continuing the fashion retailer’s 25-year presence in downtown Minneapolis. The new store is slated to open April 2016.
“We’re excited to announce that Saks Fifth Avenue OFF 5TH will remain in downtown Minneapolis,” said Jonathan Greller, President of Outlets, HBC. “This city has been a strong market for us, and Minneapolis City Center provides us with a vibrant location in which to serve our exceedingly loyal customers. We look forward to continuing to be the fashion destination for shoppers looking for exceptional merchandise at great value.”
The lease, which will see Saks Fifth Avenue OFF 5TH occupy ground-floor space formerly tenanted by Office Depot as well as more than 16,000 s.f. on the skyway level, effectively anchors the 250,000 s.f. retail portion of Minneapolis City Center and complements the existing mix of fashion stores. The store is located near the main entrance of the center, at 6th St. and Nicollet Mall.
“Saks Fifth Avenue OFF 5TH is tremendous addition to the retail component of Minneapolis City Center and we continue to see strong interest in the remaining ground-floor space from other national and regional stores,” said Glenn Shannon, president, Shorenstein Properties. “We believe that tenant interest will absolutely be enhanced as a result of this addition to the project.”
Shorenstein Properties acquired Minneapolis City Center in 2012 and has made several improvements including focusing on repositioning and re-tenanting the retail space.
Minneapolis City Center is the two-story retail portion of the 1.6 million s.f. mixed-use property owned by Shorenstein at 33 South Sixth Street. The LEED Silver property also includes a 50-story office tower as well as a three-story parking garage and a long-term ground lease for the adjacent 583-room Marriott City Center Hotel.
About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York. Starting in 1992, Shorenstein has sponsored ten closed-end investment funds with total equity commitments of $6.7 billion, of which Shorenstein committed $573.5 million. Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included ground-up developments, asset repositionings and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 53.5 million square feet in transactions with a gross investment value in excess of $12.1 billion.
About Saks Fifth Avenue OFF 5TH
As part of the Hudson’s Bay Company brand portfolio, Saks Fifth Avenue OFF 5TH is a world-class destination for true fashion at extraordinary value. The retailer’s 79 nationwide stores and e-commerce division, saksoff5th.com, combine the two great joys of shopping: the delight of discovering the best in luxury and the thrill of finding a deal. A sophisticated shopping experience of carefully curated, off-the-runway trends, exceptional service, and savings on the biggest names in fashion, Saks Fifth Avenue OFF 5TH leads the market as the premier luxury-value destination.
For more information contact:
Gallen.Neilly & Associates