MILWAUKEE--(BUSINESS WIRE)--Berengaria Development, a portfolio company of Marcus Investments, today announced it has acquired Grafton Commons, a key Power Center in Northern Milwaukee, WI. for an undisclosed price. The 239,177 square-foot regional center is just 19 miles North of Downtown Milwaukee and strategically located adjacent to the I-43/Hwy 60 interchange.
The property is made up of four tax parcels, which includes two main buildings and two out-lot buildings. Current tenants include Kohl’s, Dick’s Sporting Goods, Best Buy, PetSmart, Michaels, Aldi, AAA Insurance, Steinhafel’s Mattress, Qdoba and Verizon.
Jay Peirick, President of Berengaria Development, said, “We were attracted to Grafton Commons because of its superior location on the north side of Milwaukee. The I-43/Hwy 60 interchange serves as a premier shopping destination in Milwaukee. We value the thoughtfulness of the Grafton residents and officials that put this development together nearly 10 years ago. It is wonderful to invest in their vision."
“At Berengaria we are continuing to move forward 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 properties throughout 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. In this case, we were able to buy a property in a community that we know and respect."
Christian Williams of CBRE 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.