Berengaria Acquires 226,000 Square-Foot Power Center in St. Joseph, MO
MILWAUKEE--(BUSINESS WIRE)--Mar 25, 2019--Berengaria, a portfolio company of Marcus Investments, has acquired The Shoppes at North Village, a strategic retail power center located in St. Joseph, MO. The 226,000 square-foot center is along the I-29 freeway, about 45 minutes northwest of Kansas City.
The property is 98% leased and is home to 25 tenants that include TJ Maxx, Best Buy, Michaels, Old Navy and Regal Cinema’s Hollywood Theaters. Numerous restaurant and wellness companies round out the tenancy. The asset is shadow anchored by Target, Wal-Mart, Sam’s Club, Home Depot and Kohl’s.
Jay Peirick, President of Berengaria, said, “ The Shoppes at North Village is the premier shopping center not just within St. Joseph but in the entire region; we are proud to add it to our growing portfolio.”
Peirick continued, “ The Shoppes at North Village is the latest acquisition in our long-term strategy of acquiring retail power centers throughout the greater Midwest. In doing so, we plan to continue implementing our robust underwriting platform and ‘hands-on’ owner/operator approach, which we feel gives us a unique advantage.
“We have been fortunate to find talented local partners along the way. Both Colliers International and Nodaway Valley Bank, our lender, who has operated in Northwest Missouri for 150 years, provided valuable insight and were instrumental in getting our acquisition closed.”
Berengaria partnered with the Africk Family Office, which owns a diversified portfolio of multifamily, commercial and industrial real estate nationwide. This is the third asset the two groups have purchased together. Jon Africk, the family’s Managing Partner, said, “We are pleased to again partner with the Marcus family. Our acquisition of TheShoppes at North Village demonstrates that the right retail assets provide excellent opportunities for those willing to do the hard analytical work at the micro level. Because we spend a great deal of time differentiating risk from complexity, Berengaria’s exceptional depth and rigor in assessing retail assets makes them an ideal partner for us. It is a partnership that we highly value and for which we envision continued growth.”
Berengaria is the real estate platform of Marcus Investments. Christopher Nolte, president of Marcus Investments, said, “We are again pleased to be partnering with the Africk Family given our like-minded approach to real estate underwriting and investing. It is these family partnerships of private capital that we feel will drive our growth in the space as we continue to leverage our underwriting and sourcing platform in the coming years.”
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 Bob DelGhingaro, Vice President of Operations, at 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190325005764/en/
CONTACT: Bob DelGhingaro, VP of Operations
KEYWORD: UNITED STATES NORTH AMERICA MISSOURI WISCONSIN
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Berengaria, LLC
Copyright Business Wire 2019.
PUB: 03/25/2019 03:28 PM/DISC: 03/25/2019 03:28 PM