REJournals.com - Commercial Real Estate Property News for Chicago and the Midwest

Opus Holding, L.L.C., has announced that its subsidiary, Opus Design Build, L.L.C., has acquired substantially all of the construction and “design-build” assets of Opus Northwest, L.L.C. and its subsidiary, Opus Northwest Construction, L.L.C., which includes various third-party design-build construction projects. The purchase of these assets by Opus Design Build, L.L.C., closed on May 14, 2010.

The new structure for development and design-build construction is as follows:

Development – Opus North Corporation will operate nationally as a full service commercial real estate development company, under the direction of Tom Shaver, president and chief executive officer. Opus Holding, Inc. purchased Rosemont, Ill.-based Opus North Corporation in December 2009.

Design-Build Construction - Opus Design Build, L.L.C. will complete various Opus Northwest construction projects currently in progress, and together with Opus North Corporation will pursue new engagements, with a particular focus on build-to-suit, third-party construction and tenant improvement projects.

Opus Design Build, L.L.C. will be headquartered in Minnetonka, Minn., and will maintain offices in Denver and Kansas City. It will be headed by Dave Bangasser, president and chief executive officer, who previously served as vice president, project management, for Opus Northwest. Bangasser has been engaged in design-build project management with Opus since 1981, with responsibility for projects including the UnitedHealth Group headquarters expansion, the University of St. Thomas, the Cargill offices at Excelsior Crossings and the Armed Forces Reserve Center Complex in Cedar Rapids, Iowa.

As previously announced, Opus Northwest, L.L.C. has been in the process of evaluating strategic alternatives for its business and assets. The company engaged Morris Anderson Associates Ltd. and Cordes & Company to assist in the process and, ultimately, to conduct an exhaustive sale process. Opus Design Build, L.L.C. did not acquire any of the projects or land being developed by Opus Northwest, L.L.C.

Tags | Chicago, industrial, Opus

© 2012 Real Estate Communications Group. Duplication or reproduction of this article not permitted without authorization from the Real Estate Publishing Group. For information on reprint or electronic pdf of this article contact Mark Menzies at 312-644-4610 or menzies@rejournals.com