Milwaukee, WI, July 25, 2022 – Berengaria Development, a portfolio company of Marcus Investments, announced that it has completed the acquisition of Joliet Commons, Joliet, Illinois, earlier this month. This asset is the fourth property to be placed into the firm’s Fund, Marcus RE Fund I, LP after closing on the fund in August 2020.
Joliet Commons, Joliet, Illinois
Joliet Commons is a high-performing regional power center located in Joliet, Illinois. Shadow anchored by Target and a tenant mix of high quality retailers (Dick’s Sporting Goods, Ulta, PetSmart, DSW, JoAnn, Five Below, Old Navy and Ross Dress for Less), coupled with the center’s strategic location in a super-regional retail corridor off the 1-55 interchange along Route 30, make Joliet Commons an ideal portfolio addition for the Marcus Fund.
Jay Peirick, President of Berengaria, said, “Joliet Commons was a property we identified as meeting our criteria several years ago, but the opportunity to acquire at our price did not exist until recently. Joliet Commons has the real estate fundamentals, historical performance, and market dynamics that we seek in all our portfolio investments. With the recent volatility in the debt markets, and recession uncertainty, I am proud of the team for staying persistent and seeing this one through to the finish line.”
CBRE NRP-Midwest assisted the sellers, Pine Tree/DRA Advisors, in the sale to Berengaria Development.
About Berengaria, LLC
Berengaria, the real estate business of Marcus Investments, has developed and/or managed more than $700 million of real estate developments nationwide since its inception in 2008. The company’s team of real estate and multi-vertical business experts seek to accelerate its growth, with a focus on acquiring premier retail centers, senior living communities, and various opportunity zone investments, 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 institutions and individuals.
For additional information contact:
Tim Anderson, Managing Director