Corporate Solutions

Northmarq’s Senior Vice President Brad Pepin and Associate Mark Grossman, have completed the sale of a 192,800 sq. ft. industrial property leased to FedEx Ground in Bozeman, Montana. Pepin and Grossman represented the seller who developed the property for FedEx. The buyer was a 1031 exchange buyer based in California. We’re very pleased with the outcome of this transaction, on behalf of our seller,” said Pepin. “Given the credit of the tenant, long lease and high-quality construction, the property was successfully marketed and sold to a qualified tax-motivated buyer, even in the midst of a tumultuous and softening market.” The property was built in 2023 and is situated on approximately 21 acres. The brand-new facility features tilt-wall concrete construction, a TPO roof and ample space for parking, outdoor storage and future expansion.

Brian Corriston, vice president in Northmarq’s Houston office, has completed the sale of a single-tenant 17,410 sq. ft. government office property located at 2027 North Stallings Dr. in Nacogdoches, Texas. The property is 100 percent occupied by two tenants, the Texas Department of Family and Protective Services (DFPS) and the Texas Health and Human Services Commission (HHSC). Corriston represented the seller, a local developer. The buyer was pooled individuals based in Texas. “In a challenging market with a challenging assignment, our team was able to secure an experienced owner of government leased investment property”, said Corriston. “Our buyer realized the future upside with below market rents and below market price per square foot for the building. I appreciate the confidence the seller has in Northmarq to deliver. Congrats to both seller and buyer.” The property consists of two one-story buildings situated on 2.29 acres. Built in 1997, one of the buildings recently underwent extensive interior remodels, including new flooring and countertops and fresh paint. The single-tenant office facilities are located along North Stallings Dr., home to several other government offices, and directly adjacent to Etech, a technical support and software firm. The property is just west of a dense retail corridor featuring a Walmart and Lowe’s Home Improvement and less than 3.5 miles from Stephen F. Austin University. DFPS works with communities to protect children, the elderly and people with disabilities from abuse, neglect and exploitation. The HHSC is an agency within the Texas Health and Human Service System and manages programs that help families with food, health care, safety and disaster services. Both tenants are backed by the State Government of Texas, which carries an investment-grade credit rating.

Northmarq’s Northwest Investment Sales team of Managing Director Sean Tufts, Managing Director Kevin Adatto and Associate Joe Dugoni, arranged the sale of a former Nordstrom property located at 11900 SE 82nd Ave. in Happy Valley, Oregon. Northmarq seamlessly represented both the seller and the buyer in the deal, further underscoring the firm’s commitment to facilitating mutually advantageous transactions. “We are delighted to have played a pivotal role in this transaction,” commented Tufts. “This transaction showcases the importance of the ability to navigate off-market deals in turbulent times.” Situated at the north end of the prominent Clackamas Town Center, the former Nordstrom property spans an impressive 120,000 sq. ft. and is an integral part of the renowned mall. The property’s prime location positions it as a hub of untapped potential, offering a unique redevelopment opportunity in one of Portland’s most sought-after areas. Led by two former partners at CPX, who moved to Northmarq’s platform in early August, Tufts and Adatto continue to establish a track record of identifying and seizing opportunities and helping quickly establish Northmarq as an industry frontrunner in the Northwest. “It takes specialized partnerships to make deals work in today’s market, and I’m pleased we were chosen to take the next steps with this iconic asset,” said Sanjiv Chopra, CEO of Rhino Investments. Rhino Investments Group is a privately held, diversified real estate acquisition and development firm known for its expertise in repositioning and redeveloping underutilized, distressed, or environmentally challenged properties. The company has acquired and developed over 5 million square feet of property in the United States.