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NEW YORK CITY-Cushman & Wakefield Sonnenblick has arranged the joint venture between locally based Madison Capital and affiliates of Prudential Real Estate Investors. The venture may acquire $1 billion in urban retail and mixed-use properties in New York City and other major urban markets.

“Prudential Real Estate Investors shares our appreciation for the value of urban retail and residential properties,” says Richard Wagman, one of the founding principals of Madison Capital. “Our business model seeks stable cash flow with substantial upside. There continues to be strong demand for supply-constrained space in major, 24-hour cities.”

The venture plans to purchase retail and mixed-use properties ranging from $5 million to more than $100 million. Madison Capital will source the acquisition opportunities and operate the properties. Representatives from Cushman & Wakefield Sonnenblick Goldman were unable to confirm the details of the joint venture’s future plans prior to deadline.

“With many building owners and developers feeling the effects of a tighter debt and equity market, it is a perfect opportunity for the venture to acquire the retail portion of hotels, residential and office buildings as many owners need to raise additional capital or monetize a portion of the asset while maintaining ownership and control of the component in which they have expertise,” says Steven Kohn, president and principal of Cushman & Wakefield Sonnenblick Goldman

This transaction is not the first venture Cushman & Wakefield Sonnenblick Goldman has arranged for Madison Capital and Prudential Real Estate Investors. In 2006, Cushman & Wakefield Sonnenblick Goldman arranged the $80 million debt and equity financing for Madison Capital’s partnership interest in the retail condominium at 1880 Broadway, as GlobeSt.com previously reported. Cushman & Wakefield Sonnenblick Goldman’s relationship with Prudential Real Estate Investors also spans several years when the firm arranged a programmatic joint venture in 2003 between PREI and the Clarett Group, forming real estate development company Clarett Capital LLC.

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