Opus Corporation and NorthMarq Real Estate Services announced today that NorthMarq Real Estate’s bid to acquire Opus Property Services L.L.C. was selected from a field of eight national real estate companies. The two companies plan to complete due diligence and transition the business to NorthMarq by the end of August. NorthMarq, with businesses in property management, brokerage, mortgage banking, corporate solutions and investment sales, currently manages 30 million sq. ft. of commercial real estate and will double its portfolio with the 30 million sq. ft. in the Opus Property Services managed portfolio.
“NorthMarq was selected not only for the cultural fit we felt they would offer our clients and employees, but also for their strong systems, leadership and business plan that will support the portfolio we’ve built over the last ten years,” said Mike Dwyer, executive vice president, Opus Property Services. “Because they are hiring our existing staff, we anticipate that this acquisition will be a smooth transition for both our employees and our clients.”
The Opus Property Services’ portfolio contains more than 30 million sq. ft. of space and is located in 20 markets across the country. Opus Property Services includes more than 500 tenants and diverse properties, including retail, office and industrial properties. Opus Property Services’ 140 employees will transition to NorthMarq. Most of the OPS assets were developed by Opus Corporation and then sold to institutional and private real estate investors. The leasing relationships with existing local brokerage firms will remain in place.
“This acquisition helps us achieve a growth strategy we put into place in 2008 and will complement the platform of mortgage banking and corporate solutions businesses we are already operating around the country,” said Jeff Eaton, president-NorthMarq Real Estate Services. “Beyond the fantastic fit for our business, we are extremely excited to welcome the 140 employees who will transition to NorthMarq to serve all of the existing OPS clients and the high-quality assets that are included in the portfolio.” This acquisition creates a new NorthMarq organization with nearly 1,000 employees in 35 locations.
NorthMarq’s growth strategy was announced in early 2008 when United Properties separated its service businesses from its development and investment businesses. United Properties continues to be an active developer in the Twin Cities and Denver markets, while the property management, brokerage and corporate solutions divisions aligned with NorthMarq Capital, which offers debt, equity and investment sales from 32 offices around the country. NorthMarq, United Properties and RJM Construction are part of the Marquette Real Estate Group, which is owned by the Pohlad Family of Companies.
Ed Padilla leads NorthMarq Capital as CEO. “We are extremely excited about this acquisition as it will strengthen NorthMarq overall and provide more opportunities to serve clients through the NorthMarq platform. Our producers around the country already work with many of these clients and are thrilled to continue to find opportunities to grow in this challenging economy,” said Padilla. NorthMarq Capital has opened three new offices in the last four months in San Diego, Seattle and San Antonio.
About NorthMarq
The combined businesses of NorthMarq offer a full range of commercial real estate solutions to investors and occupiers. Through NorthMarq Capital with its average annual production volume of $10 billion and loan servicing portfolio of more than $37 billion, clients can access debt, equity and commercial loan production and servicing in 32 offices coast-to-coast. As an industry leader in brokerage, investment services and property management, NorthMarq offers investor clients and space users expertise in office, retail, industrial, land and medical office, along with practice groups in healthcare real estate advisory and asset advisory services. The Corporate Solutions group offers management of facilities, transactions and contracts, along with strategic planning nationally for mid-size companies. Learn more at northmarq.com.
About Opus
The Opus Group, based in Minneapolis, is a full-service real estate development company with 56 years of experience. Opus is recognized as a national leader in office, industrial, retail, multifamily, government and institutional development and has offices across the United States and in Canada. Committed to creating great real estate, Opus implements best practices in sustainable design and construction to maximize building performance and reduce environmental impact. For more information, visit www.opuscorp.com and follow us on www.twitter.com/opuscorp.