Marcus Investments, a Midwest-based investment firm, will launch its first real estate fund, Marcus RE Fund I LP, that will focus on retail power centers in the greater Midwest. The firm seeks to raise $60 million from other family offices, consultants, wealth managers and institutions. The fund is expected to close on October 1, 2019.
Over the past eighteen months, through its internal real estate division Berengaria Development, has purchased in excess of 850,000 square feet of power centers totaling more than $125 million. The firm targets properties which are considered “A” locations in “B/B+” markets.
“We are very excited as a family office to be embarking on our next phase of asset management. We feel the fund format will enhance our ability to find even better value in the current retail environment given our unique owner/operator approach to these assets,” said Chris Nolte, president of Marcus Investments.
Jay Peirick, president of Berengaria, added, “Being able to have a permanent pool of capital where we can be more opportunistic in the space will help us drive better terms and value for our investors. We feel the fund is well-timed given the opportunities we are seeing in the market.”
Marcus Investments is a Midwest-based investment firm formed by the Marcus family of Milwaukee. Berengaria, its internal real estate division, has developed and managed more than $500 million of retail developments nationwide since its inception in 2008.