MILWAUKEE--(BUSINESS WIRE)--Berengaria Development, a portfolio company of Marcus Investments, announced that it has partnered with Rochester native, Joshua Krsnak, CEO of Minneapolis-based Hempel Real Estate to complete the acquisition of The Shoppes on Maine, Rochester, MN. This asset is the third property to be placed into Marcus Investments’ Fund, Marcus Real Estate Fund I, LP after closing on the Fund in August 2020.
The Shoppes on Maine is a value-add regional power center located in Rochester, MN, the third largest city in the state. The tenant mix of current high quality mid-box retailers, coupled with the center’s potential to increase revenues through lease-up of existing vacancies, makes The Shoppes on Maine an ideal property for the Marcus Fund.
Jay Peirick, President of Berengaria, said, “This off-market opportunity is a great value-add investment in a stable market of Minnesota. We believe the asset’s strong real estate fundamentals, well-performing shadow anchors in Target and Lowe’s and extreme growth in and around the center, make the timing right for this acquisition. In addition, we were able to bring in Hempel Real Estate, a strategic partner headquartered in Minneapolis, that we have co-invested alongside on several other opportunities. Together, we feel this investment can produce outsized returns for our investors and provide a positive impact to the community.”
Joshua Krsnak, CEO of Hempel Real Estate, commented, “We look forward to finally returning to Rochester. After growing up in Rochester and graduating from John Marshall High School in 1997, it is great to be back 25 years later. Hempel has owned 26 similar Target anchored properties, and we look forward to breathing new life into The Shoppes on Maine.”
About Berengaria, LLC
Berengaria, the real estate business of Marcus Investments, has developed, managed and/or acquired more than $600 million of real estate developments nationwide since its inception in 2008. The company’s team of real estate and multi-vertical business experts are seeking to continue its growth, with a focus on acquiring premier retail centers, senior living facilities, commercial office and various opportunity zone verticals including multi-family and industrial. Prospective opportunities across all asset classes should be sent to the attention of Jay Peirick, President, jaypeirick@marcusinvestments.com.
About Marcus Investments, LLC
Marcus Investments is a Midwest-based investment firm formed by the Marcus Family of Milwaukee to build and grow the next generation of great companies in Wisconsin. The company focuses on long-term value creation and looks to attract like-minded family offices, institutions, and individuals.
About Hempel Real Estate
Minneapolis based Hempel Real Estate specializes in new and adaptive re-use properties with a focus on office, retail, and multi-family. Owned by Rochester natives, brothers Joshua Krsnak and Benjamin Krsnak, Hempel Real Estate has acquired and developed more than $1 billion in commercial real estate over the past 20 years.