Marcus’ Berengaria Partners with Hempel to Acquire The Shoppes on Main in Rochester, MN

Berengaria Development, a portfolio company of Marcus Investments, has partnered with Rochester native Joshua Krsnak, CEO of Minneapolis-based Hempel Real Estate, to complete the acquisition of The Shoppes on Maine, Rochester, MN.

This asset is the third property to be placed into Marcus Investments’ Fund, Marcus Real Estate Fund I, LP after closing on the Fund in August 2020.

The tenant mix of The Shoppes on Maine is currently high quality mid-box retailers, coupled with the center’s potential to increase revenues through lease-up of existing vacancies, makes The Shoppes on Maine an ideal property for the Marcus Fund, the partners said in a statement.

Jay Peirick, President of Berengaria, said, “This off-market opportunity is a great value-add investment in a stable market of Minnesota. We believe the asset’s strong real estate fundamentals, well-performing shadow anchors in Target and Lowe’s and extreme growth in and around the center, make the timing right for this acquisition. 

“In addition, we were able to bring in Hempel Real Estate, a strategic partner headquartered in Minneapolis, that we have co-invested alongside on several other opportunities. Together, we feel this investment can produce outsized returns for our investors and provide a positive impact to the community.”