Financially troubled Opus Corp., based in Minneapolis, is selling its national property management portfolio to NorthMarq Real Estate Services in Bloomington.
Northmarq currently manages 30 million square feet of commercial real estate. The deal with Opus's national property management business will double that square footage. And it will allow Opus to focus on other business areas.
Jeff Eaton, president of Northmarq Real Estate Services, says the portfolio that Northmarq is acquiring will give it more of the national reach it desires.
"This is a big step down that path, accelerating that growth strategy," said Eaton.
The two sides hope to close the deal by August. They say no jobs will be lost.
Northmarq will absorb all of Opus's 140 property management employees, who are based in the Twin Cities. Northmarq currently has 600 Twin Cities employees.
The company is part of the Marquette Real Estate Group, which is owned by the Pohlad Family of Companies.