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WASHINGTON, DC-A partnership between Madison Marquette and Morristown, NJ-based SSR Realty Advisors acquires a 54-property portfolio of upscale, primarily urban retail assets totaling 400,000 sf for $120 million. The buildings’ locations in Manhattan, Miami Beach/Coral Gables, South Norwalk, CT, and Wellesley, MA, accounts for the $300-per-sf premium price.

The seller is locally based Starwood Urban Retail, which is a partnership between Starwood Group and Urban Retail. This portfolio is part of a 1.2-million-sf portfolio Starwood acquired in 2001 and put on the sales block this May.

Madison Marquette will be the operating partner for the New York, Massachusetts and Connecticut assets, which bring that company’s total urban retail management and ownership portfolio to over 2.2 million sf nationwide. Miami-based Terranova Corp., which is an equity partner in the Florida properties, will manage the assets located in that state.

The Florida facilities include eight fully leased retail buildings, aggregating 78,751 sf along Coral Gables’ Miracle Mile, and two buildings in the South Beach Section of Miami Beach, which aggregate 118,985 sf. The price tag for this 10-property group was just over $54 million, according to a published report.

Among the New York properties is 430 West 14th Street in Manhattan’s new and trendy meatpacking district. It aggregates 67,000 sf and is home to the Hogs & Heifers nightspot and Scoup boutique.

The five South Norwalk properties aggregate 159,000 sf in one of Fairfield County’s most popular dining and entertainment areas. The two Wellesley buildings aggregate 44,300 sf in one of Boston’s wealthiest suburbs.

In a statement, Jay Lask, SVP of acquisitions for Madison Marquette, calls the acquisition “a deepening commitment to urban retail –a sector we hope to grow tremendously.” Andrew Piekarski, an SSR Realty director, says of the partnership with Madison Marquette, “we look forward to continuing our relationship in pursuit of future opportunities.”

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