Madison Marquette, in partnership with SSR Realty Advisors, has acquired 54 properties totaling more than 400,000 square feet across four states.
The total purchase price was approximately $120 million and includes office and retail space in Florida, New York, Massachusetts and Connecticut.
Madison Marquette will be the operating partner for the New York, Massachusetts and Connecticut holdings.
Terranova Corp., an equity partner in the Florida property acquisitions, will manage the Florida holdings. The portfolio was acquired from various subsidiaries of Starwood Urban, LLC, a venture sponsored by Starwood Capital Group of Greenwich, Connecticut and Wennett/Urban Retail of Coral Gables, Florida.
The portfolio includes 430 W. 14th Street in New York, New York. The building is situated in the heart of New York’s Meat-Packing District. Current tenants include Hogs & Heifers, one of New York’s most famous nightspots, and Scoop, a trendy clothing boutique. The building totals 67,000 square feet, including office and retail space.
The new Connecticut holdings include properties in South Norwalk. Similarly, the new Massachusetts holdings are located in Wellesley, one of Boston’s wealthiest suburbs.
In Florida, Madison Marquette, SSR Realty Advisors and Terranova Corp. will take control of several properties along Coral Gables’ famed Miracle Mile. The group will also now own the Meridian office buildings situated in the heart of the vibrant South Beach community in Miami Beach. The buildings are adjacent to Lincoln Road, one of the most well-known shopping and entertainment districts in the area.
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