MINNEAPOLIS — Minneapolis-based NorthMarq Real Estate Services has entered into an agreement to acquire Opus Property Services from Minneapolis-based Opus Corp. Due diligence remains to be performed, but the transition is expected to be complete by the end of the month.
NorthMarq’s winning bid was selected from a field of eight companies by Opus. In an email, a spokesperson for NorthMarq said, “Since NorthMarq’s reorganization in May 2008, the company has been evaluating a number of different options to support growth. This acquisition opportunity fit our growth goals along with our culture, and expands our ability to serve our clients in new markets.
A representative from Opus did not respond to a request for comment.
Opus’ portfolio consists of more than 30 million square feet of commercial real estate in 20 markets nationwide. The assets comprise office, retail and industrial properties, and the majority of them were developed by Opus Corp. and sold to institutional or individual investors. Before the transaction, NorthMarq itself managed 30 million square feet of commercial real estate, in addition to its mortgage banking, investment sales and corporate solutions divisions.
All of Opus’ 140-person staff will be brought into NorthMarq. In addition, leasing relationships with local brokerage firms will remain in place.
— Coleman Wood