FOR IMMEDIATE RELEASE
April 7, 2010
Contact: Jon Fletcher, Alatus LLC
612.455.0709 | firstname.lastname@example.org
Minneapolis, MN – Alatus LLC, a Minneapolis-based commercial real estate development/acquisition firm, has signed a purchase agreement to acquire the Block E Entertainment Complex.
The property is a full city block on Hennepin and First Avenues between 6th and 7th Streets in downtown Minneapolis. Ideal for businesses that want to take advantage of downtown traffic and on-site parking, Block E is located in the heart of shopping, theatre and business districts; across from Target Center; and two blocks from the new Target Field, home of the Minnesota Twins.
Block E includes 213,000-square feet of space on three levels as well as 550 underground parking spaces. Anchoring the First Avenue side is Kieran’s Irish Pub, the iconic Twin Cities restaurant that relocated to the site in March of this year; and the 21-story, luxury Graves 601 by Wyndam Grand Hotel, which is separately owned. Kerasotes Showplace Theatres operates 15 first-class movie screens with 3,600 seats on the property’s third level.
“With the opening of Target Field, there is an excitement on Hennepin Avenue, and Block E is at the center of it,” said Bob Lux, principal at Alatus. “We intend to significantly invest in Block E to attract tenants that complement the neighborhood’s new energy and opportunities. We’re looking forward to working with the City of Minneapolis staff to accomplish our goals.”
The Alatus team has experience working with the City of Minneapolis on successful projects, and the company has significant holdings in the city. Alatus will not seek public subsidies for the project.
Closing on the property is expected by late summer 2010.