[11.18.24] 84South retail buildings sold for $33 million (BizTimes)

Milwaukee-based Marquee Capital, the real estate investment arm of Marcus Corp., purchased the large-format retail portions of the 84South development in Greenfield for $33.1 million.

The purchase includes three separate retail buildings with about 195,000 square feet of leasable retail space, all of which is occupied. Major tenants include Kohl’s, Total Wine & More, Fresh Thyme Market and Ulta Beauty, among others.

The 17.8-acre parcel was purchased from a Greenfield-based entity called 84 South Retail Center LLC, according to state records. That entity purchased the property in 2019 for $34.5 million. The property has a 2023 assessed value of $35.9 million, according to Milwaukee County records.

Marquee Capital primarily invests in retail and senior housing properties nationally, with 2.7 million square feet of retail space total and a local portfolio that includes the Grafton Commons shopping center.

“We are thrilled to add 84 South to our portfolio. It is a premier asset located right in our backyard, which provided us, and our investors, a unique opportunity”, said Jay Peirick, president of Marquee Capital, in a press release. “The incredible demand for Class-A retail space reinforces our confidence in this sector and we look forward to building on this momentum.”

84South is a nearly 50-acre mixed-use development located along I-894 between Layton Avenue and South 84th and South 92nd streets led by Milwaukee-based Cobalt Partners. In addition to retail buildings, it also includes an Aurora Health Care outpatient surgery center; the 268-unit Forte at 84South apartment complex, which was developed by Fiduciary Real Estate Development; and a planned Cooper’s Hawk restaurant.