United Properties, a Bloomington-based commercial real estate investment and development firm, on Tuesday announced that it has acquired Meridian Land Company, LLC.

Both United Properties and Meridian Land-a Richmond, Virginia-based residential real estate company-are part of The Pohlad Companies, and the deal was completed on April 30. Financial terms of the transaction were not disclosed.

The Pohlad Companies comprise five business groups: Marquette Real Estate Group, Marquette Financial, Marquette Commercial Finance, Marquette Technology, and several entertainment-related entities, including the Minnesota Twins.

Meridian Land, which was part of Marquette Financial prior to the acquisition, is now a subsidiary of United Properties, which is part of the Marquette Real Estate Group, according to United Properties spokeswoman Jessie Folkens. The acquired company will continue to operate under the Meridian Land name.

United Properties said that the acquisition will allow it to leverage the two firms' commercial and residential real estate services in the pursuit of new development opportunities.

“This ownership structure will better fit the long-term goals of Meridian Land to expand our business of residential land development and investment in markets across the country,” Meridian Land CEO Pete Luxhoj said in a statement.

Meridian Land has 12 employees. Luxhoj and seven other Meridian Land employees remain based in the company's Virginia headquarters. The company's four Minnesota employees, meanwhile, have moved into United Properties' Bloomington headquarters. In addition to the Meridian Land workers, United Properties employs about 46.

United Properties is Minnesota's fourth-largest commercial developer based on square feet developed in Minnesota, which totaled 67,438 in 2010.