NorthMarq to Manage 845,000 SF of Twin Cities Retail Space

NorthMarq is adding six new third-party retail assignments to its retail property management and brokerage business in the Minnesota’s Twin Cities. 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 in Plymouth; Fountain Place in Eden Prairie; and Fischer Marketplace in Apple Valley. Northmarq also announced it has hired new staff to assist with the new assignments. Gayle Siegler, Jim Larson and Ken Seifert will handle the Calhoun Square assignment, while Wendy Aaserud will be working on the remainder of our portfolio. With these new assignments, Northmarq now manages 2 million square feet of retail space, with all but 500,000 square feet of that space in the Twin Cities. Northmarq’s new retail portfolio contains assets that run the gamut from stabilized, fully leased retail centers, to those that are going through re-development and re-tenanting, said Jeff Eaton, president of Northmarq Real Estate Services. “[The Twin Cities] aren’t insulated from the nation’s economic problems, and we’re experiencing the same problems as other markets,” Eaton said. As a result, retail center owners need a higher level of management expertise in these turbulent times, he remarked. “We work with them on determining if their center has the right tenant mix, to review their marketing plans, and to determine what their competition is doing.” Northmarq began overseeing leasing and management for Calhoun Square (pictured) at the end of November. Located at the corner of Lake and Hennepin avenues in the Uptown neighborhood of Minneapolis, the 170,000-square-foot retail center is undergoing significant renovations, including the addition of two levels to its parking ramp, interior redesign, and exterior site work. The project has some built-in complexity, as it is undergoing renovation while remaining open, so working effectively with both new and existing tenants is crucial, Eaton said. 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 Calhoun Square, owned by BlackRock, are expected to be completed by early 2010.