Milwaukee-based Berengaria Development, Marcus Investments’ real estate division, has acquired yet 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 be placed into the firm’s Fund, Marcus RE Fund I, LP after closing on the Fund in August 2020.
“Although we worked tirelessly over the past 15 months, we are gratified 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 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.”
Lakeshore Marketplace is described as having a tenant mix of high quality, mid-box retailers and was selected due to its strategic location, according to a press release from Berengaria Development.
Berengaria Development actively invests in Midwestern multi-tenant retail shopping centers, known as retail “power centers.” Grafton Commons, which Berengaria purchased for $33.5 million in 2018, is the only local power center the firm owns. It also owns Terova Senior Living Community in Mequon.
In June 0f 2020, Peirick told BizTimes that Berengaria had plans to acquire five to seven assets in similar size and quality to Grafton Commons.
A Securities and Exchange Commission filing shows the company recently raised $7.3 million to be added to the Marcus Investments real estate fund.
