Both retailers have signed a 10-year lease to take over a total of 32,500 square feet, which includes the former Best Buy store and a 2,500-square-foot addition.
The stores will be eight and 11th Milwaukee-area locations for Five Below and TJ Maxx, respectively.
Grafton Commons, located along I-43 at 1020-1120 N. Port Washington Road, also houses Kohl’s, Michaels, PetSmart, Aldi and Dick’s Sporting Goods, and is situated just south of Costco.
“We are so excited to be welcoming what we consider to be two premier national retailers to our development in Grafton,” said Jay Peirick, president of Berengaria. “Not only will these retailers add increased traffic, but it is our feeling that they will attract additional shoppers to Grafton who may have shopped at other developments throughout the Milwaukee area.”
With the addition of its two new tenants, the 239,177-square-foot shopping center has reached full capacity. As a result, Marcus Investments plans to recapitalize Grafton Commons by year end, according to a news release.
“What we may be most proud of is the continuation of a successful retail development mix that continues to flourish and serve a large population area in both Milwaukee and Ozaukee counties,” said Christopher Nolte, president and CIO of Marcus Investments. “By stabilizing this asset, we anticipate continued success for the next decade and beyond.”
In July, Marcus Investments increased the size of a real estate fund it was already raising from $60 million to $80 million in an effort to invest in Midwestern retail “power centers.”
As the company’s real estate division, Berengaria actively invests in power centers, having added 850,000 square feet worth $125 million to its portfolio over the past 20 months, including Grafton Commons.
Grafton Commons is the only local power center the firm owns. Others include Porters Vale Shopping Center in Valparaiso, Indiana; Parkway Centre North in Grove City, Ohio; and The Shoppes at North Village in St. Joseph, Missouri.