The deal boosts NorthMarq's property management business. It now manages 60 million square feet nationwide and 25 million locally.
NorthMarq Real Estate Services last week completed its previously announced purchase of Minnetonka-based Opus Corporation's property management business. Terms were not disclosed.
Opus chose NorthMarq from eight companies that bid for the business, selecting it partly because of the fit it offered to the Opus unit's clients and employees. About 125 former Opus employees now will work for NorthMarq.
The acquisition doubles NorthMarq's property under management to about 60 million square feet, including about 25 million square feet in the Twin Cities. Area properties added as a result of the deal include Crescent Ridge Corporate Center I, Crest Ridge I and Pondview Plaza in Minnetonka; Elm Creek I, II and III in Champlin and Edina Corporate Center in Edina.
NorthMarq said the leasing relationships with existing brokerage firms will remain in place.
Meanwhile, Opus Northwest said last week it had begun construction on the second phase of the Lincoln Commons Retail District at Ridgegate, a mixed-use development in Lone Tree, Colo. The project will add about 100,000 square feet of retail space and is set to be completed next summer.
The first phase of Lincoln Commons, finished in 2005, includes a Super Target, a two-level parking deck and a multi-tenant retail building.
Opus Northwest currently has more than 3.3 million square feet under development and has signed more than $150 million in third-party construction contracts since the beginning of the year.
New tenants for Paster
Paster Enterprises, a St. Paul-based developer and manager of neighborhood shopping centers in the Twin Cities area, recently announced new tenants at three of its 12 malls.
Sibley Plaza in St. Paul has boosted its occupancy to 94 percent with the addition of 7th Street Wireless, a 1,400-square-foot mobile phone store and repair center.
Panda Wok will open a 1,348-square-foot restaurant at Paster's Central Plaza in December, increasing occupancy of the Hilltop center to 83 percent.
Right Fit Running will move into a 2,213-square-foot store in Mounds View Square in November. The athletic apparel store will boost the Mounds View mall's occupancy to 92 percent.
Meanwhile, Paster said it will begin work this fall on a redevelopment and expansion of its Mendota Plaza in Mendota Heights. The plans call for adding a 14,820-square-foot Walgreens, a 7,600-square-foot restaurant building and constructing 12,000 square feet of additional retail space.
Susan Feyder • 612-673-1723