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CVS Pharmacy moves into Minneapolis condo building.
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Velmeir Properties Puts CVS in Skyscape
CVS buys Skyscape Retail Space
Source: RE Business Online
May 11, 2009 — The Minneapolis/St. Paul office of Colliers Turley Martin Tucker (CTMT) has completed the sale of 10,592 square feet of retail space at Skyscape, a 250-unit residential condominium project located at the corner of Ninth Street and Portland Avenue in Minneapolis. The space was acquired by Velmeir Properties, a preferred developer of CVS/pharmacy stores, which plans to build a new location in the building. Skyscape contains 11,000 total square feet of retail space; the only unit that remains is a small space with outdoor seating designed for a restaurant or coffee shop. CTMT's Andrea Christenson, Matt Klein and Kelcey McKean represented the seller, Chicago-based Tandem Developers, which is developing Skyscape. The acquisition price was not disclosed.
Source: RE Journals
May 11, 2009 – Colliers Turley Martin Tucker's Twin Cities office has completed the sale of 10,592 square feet of retail space at the 250-unit residential Skyscape in Minneapolis.
Andrea Christenson, Matt Klein and Kelcey McKean represented the seller, Chicago-based Tandem Developers, in the deal, which reportedly sold for approximately $2 million.
Velmeir Properties, a preferred developer of CVS/pharmacy stores, acquired the space intending to build a new CVS in the building.
Skyscape has 11,000 total square feet of retail space. Only a small space with outdoor seating designed for a coffee shop or restaurant remains unoccupied.
Source: MPP Downtown Journal
May 5, 2009 — CVS Pharmacy has purchased 10,000 square feet on the ground floor of the Skyscape Condominiums, the developer confirmed today.
The deal closed on May 1, and construction started Monday on the new store at South 10th Street and Portland Avenue. A CVS spokesman said the store will open in September.
"I think [it] really is a major statement for Elliot Park and Skyscape that a retailer of that stature has confidence in that neighborhood enough to buy [the space], not just lease it," said Paul Dincin, principal of the Skyscape developer Tandem Partners.
He said the pharmacy's arrival in the midst of a difficult retail environment is particularly impressive.
"There's not a lot getting done, retail-wise, and it's just going to be so wonderful for Elliot Park to have a true national tenant with a wide, vast array of stock," Dincin said.
The layout represents a full-scale, standard floor plate for CVS and it will span almost all of Skyscape's first level. The store will occupy the old Otho restaurant space that shut down in late 2008.
Free parking for CVS will be available through a Skyscape driveway off of Portland Avenue.
"It's going to be a very good urban use, and I think a huge convenience amenity to people that live at Skyscape," Dincin said. "We're thrilled they're moving in."
CVS has demonstrated strong interest in the Downtown market in recent years.
Another CVS Pharmacy opened a year ago on the other end of Downtown at 11th and Hennepin. Developers have also worked to bring CVS into the Mill District, although those negotiations did not pan out.
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