Marcus Investments expands real estate fund to $80 million
Marcus Investments LLC has expanded the size of the real estate fund it is currently raising to $ 80 million, the company said in a recent filing with the SEC.
Marcus’ family office in Milwaukee planned to raise $ 60 million for Marcus RE Fund I LP, but investor interest was high, said by Chris Nolte.
Nolte said that they have expanded the increase gave the initial reactions of the market around it. He thinks it is a good idea.
The fund would invest in Midwestern retail “power centers” with funds contributed by family offices, consultants, wealth managers and institutions. The fund is expected to close on October 1 stated by Nolte.
The real estate division of Marcus Investments, Berengaria Development, actively invests in power centers, and has added 850,000 square feet worth $ 125 million to its portfolio in the last 20 months, including Grafton Commons.
Nolte also stated that they are really like the community and they also like the combination of tenants that they have. As they are managing with the vacancy which was created by Best Buy Game.
Nolte said that he has faith on Berengaria’s sales strategy. In his statement he said that everyone has heard about decline in retail but it is not true.