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Best Buy founder joins investment joint-venture

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Minneapolis Founders Properties, LLC, announced on Friday the formation of a joint venture company that will pursue investment opportunities in commercial real estate on a nationwide basis. The new company will be half owned by Richard M. Schulze, founder and chairman of the board, Best Buy Co. and half owned by Opus Properties, LLC.

Schulze and Opus founder Gerald Rauenhorst will be the principal investors in new real estate investment vehicles to be formed and managed by Founders Properties.

Andy Deckas, president of Opus Properties, LLC, will serve as Founders Properties president.

“I’ve invested with this team for more than 10 years,” said Schulze. “Founders Properties provides me with the opportunity to co-own, as well as co-invest, in future opportunities with a proven team experienced and well connected in the commercial real estate market.”

Founders Properties will be headquartered in Minneapolis and will seek investment opportunities in major markets across the United States.