News and Press
Retail Space at LPM Apartments Reaches 100% Occupancy
April 19, 2016
Magellan Development Group, DeBartolo Development and National Real Estate Advisors, LLC announced that the 20,000 square feet of retail space at LPM Apartments in the Loring Park neighborhood has reached 100% occupancy. New retailers include Eggy’s Diner, YogaFit Studios, Lakes and Legends Brewing Company and Inspire, an arts and crafts shop with a humanitarian mission.
Minneapolis City Councilmember Lisa Goodman expressed enthusiasm about the new retail tenants at LPM. “These diverse retail tenants have brought new services, restaurants and culture that our constituents are looking for,” Goodman said. “New development brings excitement and activity to our downtown neighborhoods.”
• Eggy’s Diner – An all-day breakfast & lunch diner with updated American comfort foods in rustic-chic designer digs. Eggy’s is particularly appealing to people working, living in or visiting the area who enjoy dishes that remind them of home cooking, but with a focus on freshness, local ingredient sourcing and seasonality. “Since our opening last fall, we have been well received by a very loyal and diverse group of patrons ranging from LPM residents and neighbors, to visitors from across the metro and even across the country,” said Eggy’s General Manager, Paula McLean. “We love to see visitors come through the doors from the convention center and area hotels and we wish our new retail neighbors the same success!”
• YogaFit Studios – YogaFit Studios core principle is to promote the physical and spiritual benefits of yoga to anyone wishing to participate. Everyone is welcome to attend regardless of experience. Beyond supporting the body, YogaFit actively supports their community as a portion of their revenues are earmarked for local charities while, at the same time, staff members devote their time and efforts to worthwhile causes.
• Lakes & Legends Brewing Company – Lakes & Legends was born from the idea that they could create a high-quality, farm-to-table beer that would raise the expectations and expand the possibilities of what you could get from a beer. They focus on quality ingredients, spotlighting their farming partners wherever possible. This philosophy is extended to their taproom, creating a welcoming space where communities come together, slow down, and create those experiences that last a lifetime.
• Inspire – Smile Network International is a Minnesota-based non-profit that provides free life-changing surgeries to impoverished children in developing countries. Smile Network purchases arts and crafts produced by local artisans, primarily women in the villages they serve and, in turn, sells these products to fund surgeries for children born with cleft lips and palates. This June, Smile Network International will be grand opening Inspire, their newest retail store in LPM. One hundred percent of the store’s profits will fund children’s surgeries.
The new retail tenants have been a welcome addition to the Loring Park community and LPM Apartments alike. “The retailers at LPM have added so much value to the building and brought a whole new vibe to the neighborhood. Residents, neighbors and people from outside the neighborhood are coming here for breakfast or lunch at Eggy’s, an any-time-of-day workout at YogaFit, or for local brews at Lakes & Legends. In June, they’ll add Inspire to the list of reasons to visit LPM,” said Kate Heitzman, Property Manager at LPM Apartments.
LPM Apartments are located at 1369 Spruce Place in the Loring Park neighborhood of Minneapolis. In addition to the retail space, the 36-story, 354-unit luxury apartment building includes 40,000 square feet of indoor and outdoor amenities including pools, game room, sauna, a state of the art fitness center, as well as an attached 362-car parking garage.
About Magellan Development Group
Chicago-based Magellan Development Group is a fully integrated company of residential developers designed to provide comprehensive real estate services including development, architectural services, construction management, sales and leasing, marketing, property management and real estate law. The firm is dedicated to developing environmentally-sensitive urban communities that combine innovative architectural design with high-quality construction. Current and planned projects include mixed-use developments in Chicago, Minneapolis, Miami, Ft. Lauderdale, Nashville, Austin and suburban Boston. For more information visit, www.magellandevelopment.com
About DeBartolo Development
DeBartolo Development, LLC is an established private real estate investment and development company that operates on multiple platforms ranging from real estate investment and ground-up development to management solutions. The DeBartolo name has been an icon in the real estate industry for more than seven decades. Since the organization’s beginnings in 1944 when entrepreneur Edward J. DeBartolo, Sr. pioneered the first shopping mall concept, the family’s legacy has been synonymous with success. In 1996, DeBartolo Realty Corporation merged with Simon Property Group (NYSE: SPG), creating the largest public real estate company in North America with a total market capitalization of $7.5 billion. In 2003, DeBartolo Development was formed by five-time Super Bowl Champion owner of the San Francisco 49ers, Edward J. DeBartolo, Jr. and his brother, Edward M. Kobel, to continue the family’s tradition of excellence in real estate. Today, led by Mr. Kobel and a dynamic management team, DeBartolo Development invests in real estate assets of all sizes and scopes, focusing on opportunistic acquisitions and market-driven, ground-up development of retail, multifamily, hospitality and mixed-use projects throughout the United States. The DeBartolo team specializes in asset management, development, construction, investment, acquisitions/dispositions, leasing, property analysis, financing, and recapitalization strategies. Since 2003, the company has successfully invested in 161 assets with approximate value of $4.6 billion. For more information about DeBartolo Development, please visit our Website at www.debartolodevelopment.com.
About National Real Estate Advisors, LLC
National Real Estate Advisors has $2.6 billion in net assets under management invested in commercial and multifamily real estate valued at $7.6 billion (as of 12/31/15).Through its open-end fund and separate account for pension fund clients, the company invests in major U.S. urban markets, using a build-to-core strategy in large-scale development and redevelopment projects. National builds investment portfolios of stabilized modern property assets—apartment, office, mixed-use, industrial, data centers and hotels—with design features, technological enhancements, and amenities that can drive high tenant demand and create value over time. Utilizing its wholly-owned affiliate, National Real Estate Development LLC, the company also directly develops major projects for client accounts and partners. The firm is a subsidiary of the National Electrical Benefit Fund. For more information visit, www.natadvisors.com
For apartment leasing information please visit www.rentlpm.com or call (888) 541-5046.