Real estate division of Marcus Investments acquires another retail center in Michigan

Milwaukee-based Berengaria Development, the real estate division of Marcus Investments, has acquired another retail center, this time in Norton Shores, Michigan. The acquisition of Lakeshore Marketplace was completed earlier this month. Lakeshore Marketplace is the first property …

based in Milwaukee Berengaria development, Marcus investments‘has acquired another retail center, this time in Norton Shores, Michigan.

The acquisition of Lakeshore Marketplace was completed earlier this month. Lakeshore Marketplace is the first property to join the company’s fund, Marcus RE Fund I, LP, following the fund’s closing in August 2020.

“While we’ve worked tirelessly for the past 15 months, we’re pleased that Lakeshore Marketplace is our first fund investment,” said Jay Peirick, President of Berengaria, in a statement. “Our patience and unwillingness to compromise our standards is evident in this acquisition, as the center meets all of our investment criteria. We believe that the mix of tenants and the location along Michigan’s western lakeshore ensure that the Lakeshore Marketplace will continue to be the leading retail powerhouse in the area. “

According to a press release from Berengaria Development, Lakeshore Marketplace is described as having a mix of tenants of high quality mid-box retailers and is selected for its strategic location.

Berengaria Development is actively investing in multi-tenant retail malls in the Midwest known as “Retail Power Centers”. Grafton Commons, which Berengaria bought for $ 33.5 million in 2018, is the only local energy center the company owns. It also owns the Terova Senior Living Community in Mequon.

On June 0f 2020, Peirick told BizTimes that Berengaria plans to acquire five to seven assets of similar size and quality to Grafton Commons.

A filing with the Securities and Exchange Commission shows the company recently raised $ 7.3 million to be added to Marcus Investments’ real estate fund.