Veteran Real Estate Executives Named as Presidents of United Properties and NorthMarq Real Estate Services
Frank Dutke to lead United Properties;
Jeff Eaton to lead NorthMarq Real Estate Services
MINNEAPOLIS (March 26, 2008) —Commercial real estate leader United Properties continued the transition of its services business to NorthMarq Real Estate Services today by naming new presidents for each company. Frank Dutke, currently Executive Vice President Investment and Development – United Properties, will become president of United Properties, which will focus on investment and development activities. Jeff Eaton, currently Executive Vice President Real Estate Services – United Properties, will become president of the newly formed NorthMarq Real Estate Services, which will include brokerage, property management and construction. Both positions will be effective May 5.
“We are proud to have Frank and Jeff in these two new leadership positions. Their experience and guidance will help continue the successful realignment of United Properties and NorthMarq – allowing both companies to grow strategically and capture more market opportunities on a national level,” said Boyd Stofer, CEO and chairman of the holding company for both organizations.
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Dutke has been responsible for United Properties’ real estate investments since 1994. He currently oversees development, finance, acquisitions and dispositions. In addition, Dutke held a similar position of investment management with NorthMarq Capital from 1987 until he joined United Properties. He also has held finance positions with Citicorp and U.S. Bank and has practiced law.
“We will continue in the real estate investment and development businesses,” said Dutke. “Our focus will be on serving our customers and expanding and diversifying our portfolio.”
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Eaton currently oversees United Properties’ Brokerage, Property Management and Construction Services divisions. He joined United Properties in 1994 as vice president of Brokerage Services directing the office, industrial, retail and investment sales brokerage teams.
“I look forward to strategically growing the NorthMarq Real Estate Services organization and working to expand our services into new markets,” said Eaton. “NorthMarq Capital’s well-established national footprint and expanded investment sales platform positions us give us to grow into new geographic areas — based on where our clients need us. Our focus will be on deepening our client relationships and adding more value to their businesses.”
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NorthMarq and United Properties over the next 90 days will be finalizing the details of the restructuring, developing the expanded NorthMarq services brand and redefining the United Properties brand. Property leasing signs will begin changing in early summer, with both company names appearing on Twin Cities signage for a transition period.
About United Properties
United Properties will reorganize its Real Estate Services divisions, including Brokerage, Property Management, Construction and Corporate Solutions, under the NorthMarq name. United Properties will focus on its Development and Investment businesses. The reorganization is expected to be complete by May 5, 2008.
United Properties, based Minneapolis, Minnesota, is a diversified commercial real estate company with more than 500 employees and 30 million square feet of office, corporate, industrial, retail and multi-family properties under management. The company specializes in the full range of real estate services, including brokerage, property management, healthcare real estate, corporate real estate services, construction, along with businesses in retail, residential, office and industrial development. United Properties serves more than 200 markets throughout the world through its affiliations with ONCOR International and ChainLinks Professional Resource Network. (www.uproperties.com)
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