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WEST LOS ANGELES, CA-Somera Capital Management has launched a new company called Somera Investment Partners LLC to acquire retail properties targeted for redevelopment and repositioning.Somera has named Steve Plenge, formerly a senior vice president of Madison Marquette, as managing director of the new entity, with Mike Miller and Marianne Gutierrez, both formerly of Madison Marquette, joining Plenge in the new venture.

Somera Investment Partners will identify and acquire properties, then work with Madison Marquette Retail Services on leasing, property management and redevelopment. The new company’s acquisition goals are between $200 and $300 million annually.

The new company is based at the Howard Hughes Center in West Los Angeles and will acquire properties in markets nationwide. The company says it will focus on secondary regional and super-regional malls, lifestyle centers and unique urban buildings.

Somera Capital Management maintains a diversified commercial real estate portfolio primarily in the Western United States that is currently valued in excess of $600 million.

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