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Madison Marquette Takes Over Brookdale Center

BROOKLYN CENTER, MN-The 1.1-million-sf regional mall is in court receivership when its lender foreclosed on its mortgage. The property had owed $2.4 million in back taxes that Madison is moving to pay.

By Jim McCartney | Updated on February 06, 2005

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BROOKLYN CENTER, MN-Madison Marquette has assumed operational control of Brookdale Center, one of Minneapolis/St. Paul’s largest regional malls. The company took control as the court appointed receiver on behalf of the lenders for the property.

The real estate service firm Madison Marquette was appointed receiver for the mall Jan. 19 by a Hennepin County judge and will collect rents and apply them to bills, such as the property taxes. Florida-based Talisman Cos., which bought the mall for $25 million in 1997, owed $2.4 million in property taxes dating back to last May. Talisman had managed the mall up until Madison Marquette’s appointment, which came after Fleet National Bank foreclosed on its mortgage on Brookdale.

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