Institutional investor sells real estate portfolio
for approximately $114 million
Thrivent Financial for Lutherans
Thrivent Financial for Lutherans, with nearly 3 million members, is a
Fortune 500 company and the largest fraternal benefit society in the nation.
Thrivent Financial’s headquarters is in Minneapolis, Minn.
Challenges
- Thrivent Financial wanted to move from
the direct ownership of its national real
estate portfolio to an alternative
investment strategy.
- NorthMarq won the assignment to market
Thrivent’s portfolio of 22 properties in
Houston, Denver, Phoenix and Minneapolis.
Solutions
- To be efficient and achieve the broadest
market exposure, each member of the
NorthMarq Investment Services
team took responsibility for one of the four
markets in the Thrivent Financial portfolio.
- NorthMarq hired two other firms to
assist with the property dispositions in
Phoenix, Houston and Denver. These firms
marketed individual assets to the local and
regional prospects. As the lead broker,
NorthMarq simultaneously marketed the
complete portfolio to institutional buyers.
- Thrivent Financial elected to maximize
value by splitting the portfolio and selling
it to two institutional investors.
- The 2.6-million-square-foot, 22-property
portfolio sold for a combined total of
nearly $114 million.