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MINNEAPOLIS (April 8, 2015) — RJM Construction, a Minneapolis-based general contractor, has been purchased by its founders, Bob Jossart and Joe Maddy, from NorthMarq Companies, the real estate services holding company owned by the Pohlad family. The sale was announced today; terms were not disclosed.
RJM Construction was founded in 1997 by construction veterans Jossart and Maddy; the company was acquired by NorthMarq Companies (then known as Marquette Real Estate Group) in 2008 and today ranks among the top general contractors in the Twin Cities. This change will allow RJM Construction the opportunity to work more closely with other real estate brokerage, property management and development firms, in addition to continuing its relationship with Cushman & Wakefield | NorthMarq and United Properties, other entities owned by the Pohlad family.
“This brings us back to where we began, as an independent general contractor committed to serving our clients, and builds on our accomplishments during the past seven years under Pohlad ownership,” Jossart said. “Together, Joe and I founded the company and we are energized by the new opportunity this provides to us and to our people.”
No changes are anticipated at the three-city, 150-employee firm, and all current staffing plans remain unchanged. RJM Construction will continue to be led by Jossart as president, and Maddy as chief operating officer. RJM Construction reported revenues of $214 million in 2014, with offices in Minneapolis, Denver and Phoenix. The firm provides pre-construction, general contracting, construction management and design/build services to clients across a wide swath of industries, from healthcare to municipal.
“Our priority continues to be providing outstanding construction services,” Maddy said. RJM Construction is currently building several high profile projects, including the headquarters for Be The Match® and Portland Tower, both in Minneapolis; ManCaves in Englewood, Colorado; and Hacienda HealthCare Children’s Hospital in Mesa, Arizona.
“RJM has been a solid partner with NorthMarq Companies, and we see a strong future for them as they return to being an independent operating business,” said Ed Padilla, CEO, NorthMarq Companies, which also owns commercial real estate entities Cushman & Wakefield l NorthMarq and NorthMarq Capital.
Padilla added that the Pohlad-owned commercial real estate entities will continue to build on a strong heritage in real estate services. “We are continuing to pursue geographic growth in our brokerage, real estate advisory, property/facilities management, commercial mortgage banking and loan servicing businesses,” he said.
About RJM Construction
RJM Construction has been providing general contracting services since 1981. Headquartered in Minneapolis, with offices in Denver and Phoenix, RJM has more than 150 specialized staff members and an annual construction volume of approximately $200 million. RJM delivers on clients’ vision in ground-up construction, interior remodeling and long-term project planning. For more information, visit rjm.arrakis.snapagency.net or follow on Twitter at @rjmconstruction.