Acquires Bellevue Galleria on Behalf of Programmatic Joint Venture
Madison Marquette today announced the initial acquisition on behalf of its newest investment vehicle – a joint venture with two foreign institutional investors. The programmatic joint venture is targeting infill, retail and mixed-use properties in major markets throughout the United States with a focus on assets offering core-plus to value-add returns. The venture’s first acquisition is Bellevue Galleria, a mixed-use project located in the heart of Bellevue, Washington. The project is 97% leased and totals approximately 202,000 square feet of retail and creative office space along with a 794-stall underground parking garage.
“We are excited to launch our programmatic joint venture through the acquisition of Bellevue Galleria, which continues our firm’s long-established strategy of focusing on infill investments in dense, affluent markets with significant momentum and upside. Bellevue Galleria is ideally suited to our integrated investment and operating platform and affords the opportunity for us to continue to significantly enhance the value of this institutional asset,” said Amer Hammour, Chairman of Madison Marquette.
“In addition to gaining a high-quality asset in the heart of Bellevue, this acquisition also signals our commitment to growing our presence in the Seattle area,” added Chad Eisenbud, San Francisco-based Director of Investments for Madison Marquette.
Bellevue Galleria represents the launch of Madison Marquette’s effort on behalf of the venture to build a national portfolio of infill retail and mixed-use assets. The firm is actively seeking similar acquisitions in key markets nationally. The venture is also part of a strategic effort by Madison Marquette and its parent company, Capital Guidance, to broaden its investment management platform and capital relationships both nationally and internationally.
About Madison Marquette:
Madison Marquette is a private real estate investment and operating company. Founded in 1992, the firm’s primary focus is infill retail and mixed-use assets in major markets throughout the United States. Madison Marquette specializes in enhancing the value of its projects through its integrated investment and services platform offering sourcing, acquisition, asset management, leasing, property management, marketing, and development functions. With its corporate headquarters in Washington DC, Madison Marquette covers its key markets with senior investment and operating professionals in major cities around the country, including San Francisco, Los Angeles, Seattle, San Diego, New York, Philadelphia, Dallas, and Fort Lauderdale.