MILWAUKEE--(BUSINESS WIRE)--Berengaria Development, a portfolio company of Marcus Investments, announced that it has completed the acquisition of Lakeshore Marketplace, Norton Shores, Michigan earlier this month. This asset is the first property to be placed into the firm’s Fund, Marcus RE Fund I, LP after closing on the Fund in August 2020.
Lakeshore Marketplace is a high-performing regional power center located in Norton Shores, Michigan, part of the Muskegon/Grand Rapids MSA. The tenant mix of high quality mid-box retailers, coupled with the center’s strategic location, make Lakeshore Marketplace the ideal inaugural property for the Marcus Fund.
Jay Peirick, President of Berengaria, said, “Although we worked tirelessly over the past fifteen months, we are gratified that Lakeshore Marketplace is our first Fund investment. Our patience and unwillingness to compromise our standards are showcased in this acquisition, as the center meets all our investment criteria. We believe that its tenant mix and location along Michigan’s western lakeshore ensure Lakeshore Marketplace will continue to be the premier retail power center in the area.”
About Berengaria, LLC
Berengaria Development, the real estate business of Marcus Investments, has developed and/or managed more than $600 million of real estate developments nationwide since its inception in 2008. The company’s scalable team of real estate and multi-vertical business experts is seeking to accelerate its growth through its proactive, thoughtful, and proven approach, with a focus on acquiring retail lifestyle centers, senior living facilities, commercial office and various opportunity zone verticals including multi-family and industrial. Prospective opportunities across all asset classes should be sent to the attention of Jay Peirick, President, firstname.lastname@example.org.
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 family offices, institutions, and individuals.