By Evelyn Jozsa
Berengaria Development, a portfolio company of Marcus Investments, has purchased Porter’s Vale Shopping Center, a 277,059-square-foot asset in Valparaiso, Ind. Transwestern represented the seller in the transaction.
Located at 410 Porters Vale Blvd., the property is along Highway 49, one mile north of the regional US 30 Highway and 49 Interchange. The shopping center was 96 percent occupied at the time of the acquisition, to tenants including Dick’s Sporting Goods, Five Below, Home Goods, Hobby Lobby, Party City, Cinemark, Kirkland’s, Gordman’s, McAllister’s Deli, Message Envy and Mattress Firm. Porter’s Vale Shopping Center is adjacent to a 103,000-square-foot JCPenney department store and a 190,000-square-foot Meijer supercenter, which is slated for completion by summer 2018.
“We were attracted to the Porter’s Vale Retail Center because it is a mid-size lifestyle center with stable big-box tenants and excellent growth potential. We and our investors expect to benefit from a significant increase in consumer traffic with the opening of the new Meijer supercenter currently underway, and there is room for additional value creation through the development of several outlots,” said Jay Peirick, president of Berengaria Development, in prepared remarks.
Image courtesy of Berengaria Development