Expands Partnership with Africk Family Office
MILWAUKEE–(BUSINESS WIRE)–Berengaria Development, a portfolio company of Marcus Investments, announced that it completed the recapitalization of Grafton Commons, located in Grafton, Wisconsin. With the asset now stabilized for the long-term, the Company again partnered with the Africk Family Office, which owns a diversified portfolio of commercial, multi-family and industrial real estate. Together, the two families now own more than one million square feet of retail real estate in Indiana, Ohio, Missouri, and with this recapitalization, Marcus’ home state of Wisconsin.
As announced last November, TJ Maxx and Five Below will soon join Grafton Commons’ anchors Kohl’s, Dick’s Sporting Goods, PetSmart, Michaels and Aldi under long-term leases. The addition of these high-quality retailers will put the shopping center, shadow anchored by a high-performing Costco, at full occupancy.
Jay Peirick, President of Berengaria, said, “Grafton Commons continues to be the premier regional power center on Milwaukee’s north shore as evidenced by continued strong retail performance as well as new retailers like TJ Maxx and Five Below opening in the center later this year. We continue to like the retail real estate segment and are looking to significantly add high-quality assets to our portfolio in the coming years.”
Jon Africk, the Africk Family’s managing partner, said, “We are pleased to again partner with the Marcus Family. Grafton Commons is a unique asset that we have long sought as we grow our footprint in Wisconsin. Throughout the process, Berengaria again brought the exceptional depth and rigor with which they analyze opportunities that make the Marcus Family an ideal partner for us. Their long-term vision for, and direct management oversight of, the asset aligns well with our objectives for growth in our real estate portfolio. It is a partnership that we highly value and for which we envision continued growth.”
Chris Nolte, President and CIO of Marcus Investments, said, “The Africk Family partnership is truly meaningful to the Marcus Family as both groups have a similar approach to real estate investing with a hands-on operational mentality. We anticipate this relationship continuing to grow far past Grafton Commons and into other segments of our portfolio as we continue to acquire operational assets.”
Berengaria, the real estate business of Marcus Investments, has developed and/or managed more than $500 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 Jay Peirick, President, firstname.lastname@example.org.
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.
Tim Anderson, Managing Director