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Berengaria Development acquires retail center in Wisconsin, US

Published 31 January 2018

Marcus Investments portfolio company Berengaria Development has acquired Grafton Commons, a retail center located in Northern Milwaukee, Wisconsin, 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.

Berengaria Development president Jay Peirick 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."

Peirick added: “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.”

Berengaria is the real estate platform of Marcus Investments.

Marcus Investments president Christopher Nolte 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.

Source: Company Press Release