VALPARAISO, Ind.--(BUSINESS WIRE)--Berengaria Development, a portfolio company of Marcus Investments, today announced it has acquired Porter’s Vale Shopping Center in Valparaiso, Ind. for an undisclosed price. The 277,059 square-foot shopping center is located along Highway 49, one mile north of the regional US 30 Highway 49 interchange.
The property was 96 percent leased at time of purchase to tenants including Dick’s Sporting Goods, Five Below, Home Goods, Hobby Lobby, Party City, Cinemark, Kirkland’s, Gordman’s, McAllister’s Deli, Massage Envy and Mattress Firm. The property is near a 103,000 square-foot JCPenney department store and a 190,000 square-foot Meijer supercenter to be completed in summer 2018.
Jay Peirick, president of Berengaria Development, said “We were attracted to the Porter’s Vale Retail Center because it is a mid-size lifestyle center with stable big-box tenants and excellent growth potential. We and our investors expect to benefit from a significant increase in consumer traffic with the opening of the new Meijer supercenter currently underway, and there is room for additional value creation through the development of several outlots.”
“The Porter’s Vale acquisition is a perfect fit with our strategy to acquire regional retail shopping centers and senior living facilities throughout the Midwest. Our goal is to acquire between $100 million to $150 million of additional properties in 2018. Our focus is on the long-term value of the asset and increasing its value by applying our experience, business knowledge and patient capital to ensure success for the tenant, landlord and investor,” added Peirick.
Berengaria is the real estate platform of Marcus Investments. Christopher Nolte, president of Marcus Investments, said, “We frequently look for opportunities in industries that are out of favor where we can take the longer view. Retail is one of those businesses and we believe this perspective will provide a good return for both our company and our investors.”
Paul Barile of Transwestern represented the seller on the transaction.
About Berengaria Development, LLC
Berengaria, the real estate business of Marcus Investments, has developed and/or managed more than $300 million of retail developments nationwide since its inception in 2008. The company’s scalable team of real estate and retail business experts is seeking to accelerate its growth through its proactive, thoughtful and proven approach, with a focus on acquiring retail life-style centers and senior living facilities. Prospective opportunities should be sent to the attention of Bob DelGhingaro, vice president of operations, at email@example.com.
About Marcus Investments, LLC
Marcus Investments is a Midwest-based investment firm formed by the Marcus family of Milwaukee to build and grow the next generation of great companies in Wisconsin. The company focuses on long-term value creation and looks to attract like-minded institutions and individuals.