Berengaria Development acquires 239K square-foot retail center

Daily News Staff

Jan. 31, 2018

Berengaria Development, a portfolio company of Marcus Investments, announced Tuesday it has acquired Grafton Commons for an undisclosed price.

The 239,177-square-foot regional center is adjacent to the Interstate 43/Highway 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.

Jay Peirick, president of Berengaria development, said “We were attracted to Grafton Commons because of its superior location on the north side of Milwaukee. The I-43/Highway 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.”

“At Berengaria we are continuing to move forward with our strategy to acquire regional retail shopping centers and senior living facilities throughout the Midwest,” he said.

Christopher Nolte, president of Marcus Investments, 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.

Berengaria, the real estate business of Marcus Investments, has developed and/or managed more than $300 million of retail developments nationwide since its inception in 2008.