NorthMarq Sells Rand Tower in Minneapolis
MINNEAPOLIS, MINN., (October 17, 2008) — NorthMarq, a Minnesota-based
commercial real estate services company, announced today that it has
sold the 26-story Rand Tower, located at 527 Marquette Ave., S. in
Minneapolis.
Scott Pollock, NorthMarq vice president – Investment Services,
brokered the sale of the property.
Rand Tower was purchased by a joint venture between Alex Brown Realty of
Baltimore and Hempel Properties of Maple Grove, Minn., for an
undisclosed sum. The Rand Tower purchase is the first acquisition made
by this partnership. “We’re thrilled to be able to bring these two
parties together for this significant transaction,” Pollock states.
“During this period of economic volatility, specifically in the
financial markets, Alex Brown Realty made its entrance into the Twin
Cities office market,” adds
Brian Hennen, NorthMarq Capital vice president – Producer. “Their
entrance is a good indicator of the confidence that institutional real
estate investors have, long term, in this marketplace.”
NorthMarq played a unique role in the transaction – as broker of the
sale and as an equity resource for the buyer. “Through our investment
sales team and mortgage banking network, we have significant
relationships on a national platform that can bring both equity and debt
to a transaction,” Hennen explains. “In this transaction, the equity
relationship created by NorthMarq was utilized.”
About NorthMarq
NorthMarq offers a full range of commercial real estate solutions across
the country from its headquarters in Minneapolis, Minn. The NorthMarq
Capital group offers commercial real estate investment banking,
investment services, real estate debt and equity financing, and
commercial loan servicing in 29 offices coast-to-coast, with more than
$13 billion in annual production volume and services a loan portfolio of
more than $36 billion. NorthMarq Corporate Solutions works nationally
with mid-sized corporate users to manage their real estate needs.
NorthMarq Real Estate Services provides brokerage, property management,
healthcare services and construction to investors and space users in the
Minneapolis/St. Paul market. For more information, please visit
www.northmarq.com.
Contact:
Martha Nevanen
952.893.7539
martha.nevanen@marquetteRE.com
Gwen Chynoweth
Maccabee Group
612.337.0087