Marcus Investments’ portfolio company Berengaria has acquired Porter’s Vale Shopping Center in Valparaiso, Indiana, US, for an undisclosed price.
The deal is in line with Berengaria’s strategy to acquire regional retail shopping centres and senior living facilities throughout the Midwest.
The 277,059ft² shopping centre is located along Highway 49, one mile north of the regional US 30 Highway 49 interchange.
Porter’s Vale Shopping Center is in the close proximity of a 103,000ft² JC Penney department store and a 190,000ft² Meijer supercentre, which will be opened by next year.
The acquired shopping centre includes retailed outlets for Dick’s Sporting Goods, Five Below, Home Goods, Hobby Lobby, Party City, Cinemark, Kirkland’s, Gordman’s, McAllister’s Deli, Massage Envy and Mattress Firm.
Berengaria development president Jay Peirick said: “We were attracted to the Porter’s Vale Retail Center because it is a mid-size lifestyle centre with stable big-box tenants and excellent growth potential.
“We and our investors expect to benefit from a significant increase in consumer traffic with the opening of the new Meijer supercentre currently underway, and there is room for additional value creation through the development of several outlets.”
By next year, the firm intends to acquire between $100m and $150m of additional properties.
Marcus Investments president Christopher Nolte said: “We frequently look for opportunities in industries that are out of favour where we can take the longer view.
“Retail is one of those businesses and we believe this perspective will provide a good return for both our company and our investors.”
Paul Barile of Transwestern represented the seller on the transaction.