Venture JVs to Acquire $1B in Urban Retail, MXD

NEW YORK CITY-Cushman & Wakefield Sonnenblick has arranged the joint venture between locally based Madison Capital and affiliates of Prudential Real Estate Investors. The venture may acquire $1 billion in urban retail and mixed-use properties in New York City and other major urban markets.

“Prudential Real Estate Investors shares our appreciation for the value of urban retail and residential properties,” says Richard Wagman, one of the founding principals of Madison Capital. “Our business model seeks stable cash flow with substantial upside. There continues to be strong demand for supply-constrained space in major, 24-hour cities.”

The venture plans to purchase retail and mixed-use properties ranging from $5 million to more than $100 million. Madison Capital will source the acquisition opportunities and operate the properties. Representatives from Cushman & Wakefield Sonnenblick Goldman were unable to confirm the details of the joint venture’s future plans prior to deadline.