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Berengaria Acquires Grove City Power Center
Marcus Investments’ Berengaria Development has acquired Parkway Centre North, a power center within the Parkway Centre retail development in Grove City, Ohio. Terms were not disclosed. The 142,000 square-foot center is along the I-270 freeway, and just 15 minutes from downtown Columbus and Ohio State University.
“We frequently look for opportunities in industries that are out of favor where we can take the longer view,” said Christopher Nolte, president of Marcus Investments. “Retail is one of those businesses, and we believe this perspective will provide a good return for both our company and our investors.”
Berengaria partnered with the Africk Family Office, which owns a diversified portfolio of multifamily, commercial, and industrial real estate nationwide. This is the second asset the two groups have purchased together. The property is 100% leased to a tenant mix that includes Best Buy and Dick’s Sporting Goods, shadow-anchored by Home Depot and Kohls.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
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