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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.