Marcus Investments is launching its first real estate fund, Marcus RE Fund I, which will focus on retail power centres in the greater Midwest USA.
The firm seeks to raise USD60 million from other family offices, consultants, wealth managers and institutions. Over the past eighteen months, the firm; through its internal real estate division, Berengaria Development, has purchased in excess of 850,000 square feet of power centres totalling more than USD125MM. The firm targets properties which are considered “A” locations in “B/B+” markets and have found this approach to be successful. Fundraising has already commenced and is expected to conclude 1 October, 2019.
“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,” says Chris Nolte, President of Marcus Investments.
Jay Peirick, President of Berengaria, says: “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.”
