Best Buy, Opus founders launch real estate fund – Real Estate Matters
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Best Buy, Opus founders launch real estate fund

Schultz

Dick Schulze

Minneapolis / St. Paul Business Journal – by Sam Black Staff Writer

Richard Schulze, founder and chairman of Best Buy Co. Inc., has launched a real estate investment partnership with Gerald Rauenhorst, founder and former CEO of Opus Corp.

Their new company, called Founders Properties, will be led by Andrew Deckas, who has been president of Opus’ investment business, called Opus Properties LLC, since 1997.

Founders Properties will be co-owned evenly by Schulze and Opus Properties, which is owned by the Rauenhorst family. The new company plans to invest several hundred million dollars into projects over the next few years and already is soliciting deals. In the next nine months,

Rauenhorst

Gerald Rauenhorst

Deckas said he expects the group will close a half-dozen deals that total $100 million.

Last fall, Forbes magazine ranked Schulze as the 97th richest American with a net worth of about $3 billion, which placed him between George Lucas and Steven Spielberg. Schulze has invested in Opus Properties’ investment funds for more than a decade.

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