Madison Marquette Leasing Lifestyle Assets

WASHINGTON, DC-Miller Capital Advisory, a Skokie, IL-based real estate investment firm, has retained Madison Marquette to manage and lease Jefferson Pointe, a 545,000-sf lifestyle center in Ft. Wayne, IN and Mount Pleasant Towne Centre, a 442,000-sf lifestyle center outside Charleston, SC. It is an annual term for each contract, according to Kevin Hagan, VP of management services. “But we hope to grow the relationship into a broader, long term one,” he tells GlobeSt.com. Hagan declined to discuss the value of the contract.

Both assets are more than 90% occupied, Hagan says. Management plans currently under discussion for both centers are extensive, ranging from redeveloping the properties into mixed-use facilities, adding new roadways and remerchandising strategies for the retail components. “We are looking at major master plan changes that are likely to be several million dollars each,” Hagan says.

The plans are only in the early stages of discussions, Hagan cautions. “Right now we are talking about adding 25,000 sf up to 100,000 sf to Mount Pleasant.” At Jefferson Pointe, he says, initial talks are focusing on adding a boutique hotel and possible office space.