Best Buy, Opus founders launch commercial real estate venture

Updated: March 12, 2010 - 9:26 PM

Richard Schulze and Gerald Rauenhorst are the principal investors in the new Founders Properties, LLC.

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Two of the Twin Cities' best-known businessmen have formed a joint venture company to invest in commercial real estate here and nationwide.

Richard Schulze, founder of Best Buy Co. Inc., and Gerald Rauenhorst, founder of Opus Corp., are the principal investors in the new Founders Properties LLC.

Schulze is Best Buy's chairman but retired as CEO in 2002. Rauenhorst retired as chairman of Opus Corp. in 2000.

Founders will be headed by Andy Deckas, president of Opus Properties LLC, which is a separate business entity from Minnetonka-based Opus Corp., one of the Twin Cities' largest commercial real estate developers. Opus Properties manages a portfolio of more than 18 million square feet across North America and since 1997 has sponsored eight real estate funds that have invested in more than $2.6 billion worth of real estate.

In a statement Schulze said he has invested with Opus Properties for more than 10 years. He said Founders gives him the opportunity to co-own as well as invest in commercial properties.

SUSAN FEYDER