TUESDAY, FEBRUARY 02, 2010

NorthMarq brokers represent Minneapolis Public Schools in large school building lease

by Midwest Real Estate News Reports
The Advisory Services Group, a team of three NorthMarq brokers lead by Paul Donovan, represented Minneapolis Public Schools in the lease of Franklin School, a 125,794-square-foot property to W.I.S.E. Charter School.

This assignment is one of more than 20 with non-profits, charter schools and religious organizations that the team has handled in the last 18 months, and represents the majority of the team's focus. Other recent additions are St. Bernard's Catholic Elementary School in St. Paul and Concordia Academy in Bloomington, Minn.

"We have found a special niche with these types of organizations that typically don't get enough attention from typical office or industrial real estate brokers," said Donovan. "As school districts, charter schools and churches evaluate their options for real estate, we can help them see non-traditional alternatives and more options to improve their cash flow."

For Donovan and his team, advisors Kevin Peck and Jaclyn May, this is their eighth assignment with Minneapolis Public Schools. The team has represented the organization in the sale of five former school buildings, three to charter schools and two to a senior housing developer, and is currently marketing two other properties on their behalf.

In addition to their work with Minneapolis Public Schools, the Advisory Services Group has also represented a number of charter schools in search of real estate.

"When selecting a site for a charter school, location is key," Donovan said. "It is important to be near the homes of students and parents and in close proximity to green space, bus routes, fitness facilities and other amenities."

The group also acts as a real estate advisor to the Archdiocese of Minneapolis and St. Paul, providing real estate consulting for more than 200 parishes. In this role the group helps dispose of properties, lease vacant schools and acquire real estate. Recently, group members assisted St. Andrew Kim Catholic Church, St. Stephen's Catholic Church and the Basilica of Saint Mary.