MINNEAPOLIS-Madison Marquette, based in Washington, DC, has partnered with locally based Capital Growth Properties on the management of more than eight million sf of retail property, with plans to acquire more than $1 billion more properties throughout the Midwest. The current portfolio the partnership will handle includes 42 retail properties in seven states, including Alabama, Colorado, Iowa, Michigan, Minnesota, Ohio and Texas.

The business will be based in Minneapolis. John Nagle, president and CEO of Capital Growth, will manage this new entity. Properties currently managed include University Park Village in Fort Worth, TX; Calhoun Square in Minneapolis; and Fountain Place in Eden Prairie, MN. Nagle says the new firm is actively pursuing new acquisitions and third-party management opportunities in the Midwest retail market.

Paul Andrews, CFO of Madison Marquette, says his company has always had a presence in the Minneapolis market. The partnership is aggressively looking for additional projects to provide operating services to or invest in together, Andrews says.

There are some specific properties being looked at, say partnership officials. “We’re pursing a number of existing closed mall acquisitions, as well as a number of packages of open-air shopping centers, some lifestyle and some power centers,” Nagle says. “We’re working on two large packages for acquisitions, as well as several other portfolio opportunities.”

William Buchalter, CEO of Capital Growth, says the partnership is under review for more than $1 billion in property. “We’re in various stages of negotiation, we’re pretty far along. All of that will be managed by the joint venture,” he says.

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