MILWAUKEE--(BUSINESS WIRE)--Berengaria Development, a portfolio company of Marcus Investments, today announced it has acquired Parkway Centre North, a key Power Center in the Parkway Centre retail development, located in Grove City, Ohio. The 142,000 square-foot center is along the I-270 freeway, and just 15 minutes from downtown Columbus and The Ohio State University.
The property is 100% leased. Current tenants include Dick’s Sporting Goods, Best Buy, and Michaels in the primary building, and Starbucks in a separate 10,000 square-foot out lot. The asset is shadow-anchored by Home Depot and Kohls.
Jay Peirick, President of Berengaria Development, said “Columbus is a market where the Marcus Family, or one of their companies, has owned, developed, and or operated hotels, movie theaters, Goodwill stores, and restaurants. We understand firsthand both the retail and municipal dynamics and the retail performance of the Columbus market. We will start construction on an asset of similar quality along the East Broad corridor in Columbus next year.”
“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 $200 million of properties throughout 2018. Our appetite in 2019 and beyond is significant. 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 partnered with the Africk Family Office, which owns a diversified portfolio of multifamily, commercial, and industrial real estate nationwide. This is the second asset the two groups have purchased together. Jon Africk, the family’s Managing Partner said, “As we evaluate an increasing number of opportunities together, the Marcus and Africk families, it’s clear, share a common vision of building a diversified portfolio with patient, long-term capital. In this environment, the right retail assets provide excellent opportunities for those willing to do the hard analytical work at the micro level. The Berengaria team brings exceptional depth, rigor and management oversight to a partnership that we highly value and for which we envision continued growth.”
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.”
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.