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MINNEAPOLIS-After a bidding process, Opus Property Services LLC will be purchased by locally-based NorthMarq Real Estate Services. The sale is part of the restructuring plans of Opus Corp. after several of its branches filed for bankruptcy this year. The asking price and actual purchase price were not disclosed.

The Opus Property Services portfolio totals 30 million square feet covering the range of commercial properties from industrial to retail and office. The assets are located in 20 markets throughout the US.

According to Jeff Eaton, president of NorthMarq Real Estate Services, eight companies, including NorthMarq, expressed interest in purchasing the property services group. Of the potential buyers four submitted bids. “NorthMarq was selected because we offered the best economic terms, the best cultural fit and transition plan for employees, and the best capability to serve the needs of OPS clients,” he tells GlobeSt.com. Other bidders included CB Richard Ellis, Transwestern and Colliers Turley Martin Tucker.

The acquisition should close in the next 20 days, with full transition of the systems and people happening 60 days after that, Eaton says. Once complete NorthMarq will have more than 1,000 employees, 140 of which will come directly from Opus Property Services, throughout 35 locations across the country.

“This national expansion of our property management business provides a significant boost to the NorthMarq growth strategy and creates synergy with our mortgage banking, investment sales and corporate solutions businesses,” Eaton tells GlobeSt.com. “Since NorthMarq rebranded and reorganized in May 2008, the company has been evaluating a number of different options to support that growth strategy. This acquisition opportunity is exciting because it strengthens NorthMarq’s platform and positions us to better serve our clients.”

NorthMarq has been in an expansion mode in recent months, recently opening offices in San Diego, Seattle and San Antonio.

In July Opus Corp. announced two of its branches were filing for bankruptcy after weeks of speculation. Opus East filed for Chapter 7, while Opus West filed Chapter 11. This announcement came less than three months after Opus South filed Chapter 11.

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