Minneapolis-based RJM Construction has bought itself back from NorthMarq Companies, the real estate branch of the Pohlad family holdings, so the firm can work closer with other developers and brokers.
RJM was founded in 1997 by Bob Jossart and Joseph Maddy and bought by NorthMarq in 2008. The repurchasing price was not disclosed Tuesday.
“This brings us back to where we began, as an independent general contractor committed to serving our clients, and builds on our accomplishments during the past seven years under Pohlad ownership,” Jossart said in a statement.
All 150 employees in Minneapolis, Denver and Phoenix will remain with the company. Jossart will continue as president and Maddy as chieff operating officer.
The general contractor reported revenues of $214 million in 2014. It's currently building several projects in its three states, including the Portland Tower condos being developed by Jim Stanton and the Be The Match headquarters being developed in the North Loop by United Properties, the development arm of NorthMarq.
“RJM has been a solid partner with NorthMarq Companies, and we see a strong future for them as they return to being an independent operating business,” said Ed Padilla, chief executive of NorthMarq Companies, in a statement. “We are continuing to pursue geographic growth in our brokerage, real estate advisory, property/facilities management, commercial mortgage banking and loan servicing businesses,”