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A partner at Melvin Mark has purchased the assets of the company’s development division.

Dan Petrusich said the timing was right to take ownership of Melvin Mark Development Company: The land sale for the James Beard Public Market project closed recently, and the local commercial market is healthy.

鈥淚t’s a natural transition from where we were years and years ago to where we are today,鈥� he said. 鈥淚t’s pretty exciting.鈥�

The parties wouldn’t divulge the financial specifics of the agreement.

Petrusich joined Melvin Mark 30 years ago and has led its development division since it was organized in 1989. He said last week that he plans to continue leading the company and keep all employees. He anticipated a new name being chosen soon.

Melvin Mark CEO Jim Mark agreed that the deal was a good move for both parties.

鈥淗e’s been here a long time and has done an awesome job 鈥� developed a lot of projects for us,鈥� Mark said. 鈥淭he timing works really well for us, as well. We’ve had a lot of partners retire in the last three, four years.

鈥淲e’re going to keep doing the things we’ve been doing; we just won’t necessarily have a development arm.鈥�

No changes are planned for the development company’s current workload, which includes a 55,000-square-foot build-to-suit project for the Oregon Department of Human Services in Grants Pass.

Petrusich said that in particular, he’s excited about development of the James Beard Public Market at the Morrison Bridge‘s west end. He said he hopes to honor the legacy of the market’s first champion, Ronald M. Paul, who died Dec. 21 at 65 of complications from cancer.

鈥淲e’ll miss him,鈥� Petrusich said. 鈥淲e certainly want to carry on with his vision.鈥�

Melvin Mark recently wrapped up the Yamhill Marketplace creative office project (92 percent leased), and the Northwest Thurman Building project (100 percent leased).

Melvin Mark was founded in Portland in 1945 and has worked on projects including Crown Plaza, Columbia Square and Central Plaza. The Melvin Mark Development Company also has worked on the Robert Duncan Plaza, Sunset Center at Tansabourne and the renovation of the former State Office Building (now the Fifth Avenue Building).