Development, a portfolio company of Marcus Investments, announced
Tuesday it has acquired Grafton Commons for an undisclosed price.
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.
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
we are continuing to move forward with our strategy to acquire
regional retail shopping centers and senior living facilities
throughout the Midwest,” he said.
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.”
Williams of CBRE represented the seller on the transaction.
real estate business of Marcus Investments, has developed and/or
managed more than $300 million of retail developments nationwide
since its inception in 2008.