NorthMarq Hired by Three Investors to Manage 845,000 Sq. Ft. of New Retail
Space
Calhoun Square Among Six New Assignments
MINNEAPOLIS (Dec. 17, 2008) – NorthMarq announced today that it is
strengthening its position in the Twin Cities commercial real estate
market by adding six new third-party retail assignments to its retail
property management and brokerage business. The six properties total
845,000 square feet and include Calhoun Square in Minneapolis, Southdale
Square in Edina, The Shoppes at Oak Park Heights, Plymouth Town Center,
Fountain Place in Eden Prairie and Fischer Marketplace in Apple Valley.
“These new assignments solidify NorthMarq’s position
as the largest manager of retail properties in the
Twin Cities,” said Jeff Eaton, president of
NorthMarq Real Estate Services. “Our portfolio of
retail assignments has grown 25 percent in the past
year due to the breadth and depth of experience our
retail specialists possess.”
NorthMarq has recently hired several well-known
professionals to assist in these new assignments.
Gayle Siegler, Jim Larson and Ken Seifert will be
working on Calhoun Square, while Wendy Aaserud will
be working on the remainder of the assignments. All
of these recent hires have significant retail
experience.
NorthMarq began overseeing leasing and management
for Calhoun Square at the end of November. Located
at the corner of Lake and Hennepin avenues in the
Uptown neighborhood of Minneapolis, the
170,000-sq.-ft. Calhoun Square is undergoing major
renovations, including the addition of two levels to
its parking ramp, interior redesign and exterior
site work. NorthMarq’s sister company RJM
Construction is acting as the project’s construction
manager and oversees the work of general contractor
Kraus-Anderson Construction. Renovations to the
center, which is owned by global
investment-management firm BlackRock, are expected
to be complete in early 2010. Calhoun Square is 70
percent occupied and includes current tenants
Kitchen Window, Figlio and Vision World. Irvine,
Calif.-based LA Fitness will open a new
35,000-sq.-ft. facility in the center in 2009.
“NorthMarq’s dedicated team and solid position in
the local market will strengthen Calhoun Square’s
position as the heart of Uptown,” said Erik
Grabowski, vice president-Asset Management at BlackRock. “It’s a challenge to take over management
of a property during a period of extensive
renovations, but we’re confident that NorthMarq’s
personnel will make the transition as seamless as
possible.”
Of the five other new retail assets, four are owned
by Principal Real Estate Investors. They have
selected NorthMarq to oversee these four properties:
- Plymouth Town Center, a 26,000-sq.-ft.
development with 100 percent occupancy. Tenants
include New Reflections Salon and Applebee’s.
- The Shoppes at Oak Park Heights, home to
prominent tenants like Kohl’s, TJ Maxx, Michaels
and Pier One. The center has 85 percent of its
173,000 square feet occupied.
- Apple Valley’s Fischer Marketplace, which
covers 251,000 square feet and is 93 percent
occupied. Major tenants include Kohl’s, Bed Bath
& Beyond, Michaels and Barnes & Noble.
- Southdale Square, 115,000-sq.-ft. retail
center with a 70 percent occupancy rate. Divided
between the cities of Edina and Richfield, the
center’s tenants include Golfsmith, Pier One and
Jared The Galleria of Jewelry
The sixth new retail management assignment for
NorthMarq is Fountain Place, owned by LaSalle
Investment Management, Inc. Located in Eden Prairie,
the center covers 110,000 square feet of retail
space and is 100 percent occupied. Major tenants
include HomeGoods, Sports Authority and Michaels.
About NorthMarq
NorthMarq offers a full range of commercial
real estate solutions across the country from its
headquarters in Minneapolis, Minn. NorthMarq Real
Estate Services provides brokerage and property
management, to investors and space users primarily
in the Minneapolis/St. Paul market. NorthMarq
Corporate Solutions works nationally with mid-sized
corporate users to manage their real estate needs.
The NorthMarq Capital group offers commercial real
estate investment services, debt and equity
financing, and commercial loan servicing in 30
offices coast-to-coast, with more than $13 billion
in annual production volume and services a loan
portfolio of more than $36 billion. For more
information, please visit www.northmarq.com.
Contact:
Martha Nevanen
952.893.7539
martha.nevanen@marquettere.com
Jill Lewis
Maccabee Group
612.337.0087