Last updated on May 15th, 2019 at 04:53 pm
A subsidiary of Marcus Investments acquired the Grafton Commons shopping center for $33.5 million, according to state records.
IA Grafton Port Washington LLC, of Downers Grove, Illinois, sold the 239,177 square-foot shopping center to Berengaria Development, a portfolio company of Marcus Investments. The property is located adjacent to the I-43/Hwy 60 interchange.
The shopping center includes two main buildings and two outlots. Current tenants include Kohl’s, Dick’s Sporting Goods, Best Buy, PetSmart, Michaels, Aldi, AAA Insurance, Steinhafel’s Mattress, Qdoba and Verizon.
“We were attracted to Grafton Commons because of its superior location on the north side of (the) Milwaukee (area),” said Jay Peirick, president of Berengaria Development. “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.”
“We frequently look for opportunities in industries that are out of favor where we can take the longer view,” said Christopher Nolte, president of Marcus Investments. “In this case, we were able to buy a property in a community that we know and respect.”
Berengaria is the real estate platform of Marcus Investments.
Marcus Investments is a Midwest-based investment firm formed by the Marcus family of Milwaukee.
Christian Williams of CBRE represented the seller on the transaction.