News Release
NorthMarq and United Properties Finalize Reorganization
Real Estate Services, Corporate Solutions, Investment Services Divisions to Operate as NorthMarq; United Properties to Focus on Development, Investments
MINNEAPOLIS (May 5, 2008) — Commercial real estate leader United Properties completed the reorganization of its business today. The company’s real estate services divisions are now operating under the NorthMarq name. The new NorthMarq includes NorthMarq Capital as well as the former Brokerage, Property Management, Healthcare, Construction, and Corporate Solutions businesses of United Properties. United Properties will exclusively focus on Development and Investments.
NorthMarq Capital, one of the country’s largest commercial real estate mortgage banking firms with offices in 29 markets, announced in November its plan to expand its investment sales business and build a network of 10 strategically located investment sales offices over the next three years. In February, the Investment Services team formerly of United Properties started operating as NorthMarq. NorthMarq Investment Services is headquartered in Minneapolis with a satellite office in Washington, D.C. Ed Padilla leads NorthMarq Capital as CEO, and will continue to lead the national expansion of NorthMarq Investment Services.
“We’re looking forward to developing our sales business into a national enterprise by working closely with our existing investment banking offices,” said Padilla.
The new NorthMarq organizations and United Properties are led by distinct leadership teams and operate as independent companies under Marquette Real Estate Holdings, a new holding company, of which Boyd Stofer will be Chairman and CEO. Twin Cities-based Pohlad Companies will continue to own all companies.
Jeff Eaton is president of NorthMarq Real Estate Services; Kevin Farrell will continue as executive managing director of NorthMarq Corporate Solutions.
“This strategic realignment will provide significant growth and market opportunities for NorthMarq,” said Eaton. “We are focused on providing superior service to our clients while expanding our presence in the marketplace.”
Frank Dutke is president of United Properties, which has offices in the Twin Cities and Denver.
The more than 500 current United Properties leasing signs that have been a staple on the Twin Cities real estate landscape since the late 1980s will begin changing over the next 60 days. To commemorate the completion of the reorganization, the first NorthMarq leasing sign will be placed at Olympic Place, located at 7825 Washington Ave S, Bloomington, Minn.
About United Properties
United Properties, based in Minneapolis, Minnesota, specializes in commercial real estate development and investment. Since 1975, United Properties has provided development services for the retail, residential, office, medical and industrial sectors. The company's residential development focuses on Applewood Pointe senior cooperative housing. In addition to a large presence in the Minneapolis-St. Paul market, United Properties expanded to Colorado through the opening of a retail development office and the acquisition of Ojala and Company. Formed in 1916, its investments group acquires, manages, finances, analyzes and disposes of United Properties' real estate investments, which includes more than 60 office, industrial and retail properties. (www.uproperties.com)
About NorthMarq
NorthMarq offers a full range of commercial real estate services across the country from its headquarters in Minneapolis, Minn. From NorthMarq Capital, the company offers commercial real estate investment banking, investment sales, real estate debt and equity financing, and commercial loan servicing through its 29 offices across the country. NorthMarq Real Estate Services provides brokerage, property management and construction management to investors and space users primarily in the Minneapolis market. NorthMarq Corporate Solutions works nationally with mid-sized corporate users to improve business performance through real estate consulting, project management, transaction management, facilities services and contract management. With more than 800 employees across the country, the privately held company reaches across businesses to provide innovative solutions for each client. For more information, please visit the company’s web site at www.northmarq.com.
Media Contacts
Martha Nevanen
Vice President, Marketing Communications
952-893-7539
mnevanen@uproperties.com
Jessie Folkens
Sr. Communications Consultant
952-837-8516
jfolkens@uproperties.com