Targeting $150 Million, Fund III Invests in a Milwaukee Retail Center
February 20, 2018
Grafton Commons- Grafton, WI (Metro Milwaukee)
MLG Capital is currently raising money for its third fund, MLG Private Fund III LLC, a $150 million equity fund.
The MLG Private Fund III is a continuation of the series of MLG private funds. The funds were formed to acquire, directly or indirectly, a geographically diverse portfolio of commercial real estate assets in the small to mid-cap area of $5 to $55+ million.
Fund III, which has raised more than $56 million thus far, plans to continue to build a presence in MLG’s current markets in Wisconsin, Florida, Minnesota, and Texas.
Since its inception in 1987, Milwaukee-based MLG Capital has had active, exited, or pending investments across the United States consisting of approximately 14.6 million square feet and over 10,600 apartment units, with exited and estimated current value exceeding $1.2 billion.
MLG Capital’s series of funds target cash on cash yields of 8% with all in net return targets of 13% to 15% per year for our investors.
This month, MLG announced its most recent investment in the acquisition of Grafton Commons. The portfolio consists of 240,000 square feet of retail on the corner of Highway 60 and Interstate 43 in Grafton, WI (Metro Milwaukee). The portfolio sold for $33.5 million.
The properties were developed between 2007 and 2009 and are shadow anchored by Costco. Its major tenants include Dick’s Sporting Goods, PetSmart, Michaels, Kohl’s, Best Buy, and Aldi.
MLG Capital is partnering with an experienced real estate team at Berengaria Development who will manage the properties.