What Marquee Capital does

Marquee Capital is a Milwaukee-based private real estate investment and asset management firm founded in 2008 as the real estate arm of the Marcus family's investment office (Marcus Investments), which itself traces more than 85 years of operating history through Marcus Corporation (NYSE: MCS). The firm invests across the Midwest with a primary focus on open-air anchored retail shopping centers, alongside growing seniors housing, small-bay industrial, and opportunistic multifamily build-for-rent positions. Marquee has transacted on more than $900 million of real estate over its history and currently manages a portfolio valued at over $450 million spanning 2.9 million+ square feet across seven or more states with portfolio-wide occupancy above 90%.

The firm operates a vertically integrated platform that performs leasing, accounting, property management, and construction management in-house with a 14-16 person team, eliminating third-party operating layers and enabling hands-on NOI optimization at the property level. Capital is deployed through multiple vehicles: Marcus Real Estate Fund I (closed, ~$55M deployed), Marcus Real Estate Fund II (~$36M first close, ~$43M deployed), and a $70 million programmatic joint venture with Los Angeles-based institutional manager Belay Investment Group formed in October 2025. Marquee rebranded from Berengaria Development to its current name in February 2023 and simultaneously onboarded the Herbst family office (43 North Partners) as a partner alongside the Marcus family, expanding the executive board and the capital base.

The firm's monetization mix combines recurring asset management fees on the $450M+ managed portfolio, transaction income from acquisitions and dispositions under its stated "Recycle Capital" philosophy, leasing and property management fees on owned assets, and performance-based carried interest on fund vehicles. Deal flow is sourced through decades-old tenant, broker, and capital partner relationships rather than open-market processes, with anchor tenant rosters dominated by national necessity-oriented retailers (Kohl's, Target, Ross, Marshalls, HomeGoods, Lowe's, Costco, Aldi). Pricing terms and investment minimums are not publicly disclosed; investor access is gated to qualified high net worth individuals, family offices, wealth managers/RIA platforms, and institutional capital partners.

Name

Marquee Capital

Legal name

Marquee Capital

Website

https://marqueecapital.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Marquee Capital is a Milwaukee-based private real estate investment and asset management firm managing a $450M+ Midwest portfolio of anchored retail, senior housing, and industrial assets via a vertically integrated 14-16 person team, serving high net worth individuals, family offices, and institutional capital partners.

Ownership category

akta.pro rank

Product category

Real Estate Investment Management

NAICS

Other Financial Vehicles (52599), Portfolio Management and Investment Advice (523940), Offices of Real Estate Agents and Brokers (5312)

SIC

Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531), Investors, Nec (6799)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Private real estate investment
• Commercial real estate management
• Retail real estate investing
• Real estate asset management
• Seniors housing investment

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Asset Management Fees: Marquee Capital earns asset management fees for overseeing a portfolio of over 2.9 million square feet of retail and other real estate assets across the Midwest. The firm operates a vertically integrated platform managing leasing, accounting, property management, and construction in-house.
2. Carried Interest / Performance Fees: Fund returns are measured against historical metrics including 8% average IRR and MOIC. Fund structures (Marcus Real Estate Fund I, Marcus Real Estate Fund II) suggest performance-based carried interest as a revenue component.
3. Property Transaction Income: The firm generates deal-based income through acquiring, improving, and selling/realizing assets. With $900M+ in historical transactions, the firm monetizes assets after creating value, as described in its 'Recycle Capital' investment philosophy.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Marquee Capital is a private real estate investment and asset management firm that acquires, owns, and actively manages open-air retail shopping centers, seniors housing, small-bay/flex industrial properties, and select multifamily assets across the Midwest. The firm operates two closed-end real estate funds (Marcus RE Fund I and Fund II) and a $70M programmatic joint venture with Belay Investment Group, distributing investment opportunities to high net worth individuals, family offices, and institutional capital partners through a vertically integrated platform with in-house leasing, accounting, property management, and construction management.

Product overview

Marquee Capital is a private real estate investment and asset management firm that operates as a fully integrated platform offering multiple property types and investment vehicles. The company offers three core property categories: Open Air Retail Shopping Centers (stabilized, cash-flowing centers anchored by grocery and national necessity retailers), Small Bay and Flex Industrial Properties (multi-tenant industrial assets), and Seniors Housing (assisted living and memory care communities). The firm also pursues Opportunistic investments in multifamily build-for-rent and apartment communities. Marquee Capital manages two investment funds: Marcus Real Estate Fund I (focused on Class-A retail, fully deployed at ~$55MM) and Marcus Real Estate Fund II (targeting various real estate verticals). Additionally, the firm operates a $70M Programmatic Joint Venture with Belay Investment Group targeting Midwest anchored retail. The company's vertically integrated platform includes in-house leasing, accounting, property management, and construction management capabilities. The portfolio currently spans over 2.9 million square feet across the Midwest with 90%+ occupancy.

Differentiator

Problem solved

Functional benefit

Products and services

• Open-Air Retail Shopping Center Investments

Quantifiable outcome

• Over 90% portfolio-wide occupancy rate
• +4 more outcomes

Named customers20 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and secondary.

• Belay Investment GroupcoreStrategic or Co-development Partner · 16 October 2025Marquee Capital and Belay Investment Group formed a $70 million programmatic joint venture to acquire and manage anchored retail strip centers across the Midwest. The partnership launched with the acquisition of Shoppes on Maine in Rochester, MN (Q4 2025), with Nagawaukee Shopping Center acquired as the second deal in November 2025. Belay is an institutional real estate investment management firm based in Los Angeles with $2.1B in gross asset value (as of Q4-25). The JV focuses on institutional-quality neighborhood and power centers anchored by high-traffic grocers or big-box retailers in thriving suburban Midwest markets.
• Charter Senior LivingsecondaryStrategic or Co-development Partner · 14 June 2022Marquee Capital (as Berengaria Development under Marcus Investments) partnered with Charter Senior Living to acquire Charter Senior Living of Charlotte (NC) in June 2022. Charter Senior Living provides assisted living and memory care at the property. The partnership continued the joint acquisition strategy for seniors housing assets, with Keven Bennema, President/CEO of Charter Senior Living, noting the expansion of the partnership.
• Hempel Real EstatesecondaryStrategic or Co-development Partner · 17 May 2022Marquee Capital (as Berengaria Development under Marcus Investments) partnered with Hempel Real Estate to acquire The Shoppes on Maine in Rochester, MN in Q2 2022. Hempel Real Estate served as a local/market partner for the acquisition of this 239,216 SF shopping center.
• Winterpast Capital Partners (WCP)coreStrategic or Co-development PartnerWinterpast Capital Partners, a real estate private equity and development firm headquartered in Brentwood, TN, has partnered with Marquee Capital on seniors housing acquisitions. WCP focuses on seniors housing across the private pay acuity spectrum, targeting both ground-up development and value-add/opportunistic acquisitions. Founded in 2016, WCP has completed 29 transactions in the seniors housing space valued at over $500 million. The partnership was instrumental in acquiring Vitality Living of Preston Hollow in Dallas, TX.
• Vitality LivingcoreStrategic or Co-development PartnerVitality Living, a Nashville-based senior housing operator founded in 2016, serves as the operating partner for Marquee Capital's seniors housing portfolio. The operator manages assets across Tennessee, Florida, Texas, Alabama, Virginia, Arkansas, Georgia, Mississippi, Oklahoma, and Kentucky. Marquee Capital has partnered with Vitality Living on multiple acquisitions and developments including BrightStar Senior Living of Mason (OH), Vitality Preston Hollow (TX, formerly Crystal Creek at Preston Hollow), and Appletree Court (Richardson, TX). Through the WCP partnership, Vitality Living maintains an economic interest in the majority of communities they manage.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Phillips Edison & Company: Phillips Edison & Company (NASDAQ: PECO) is a publicly traded REIT owning and operating 300+ neighborhood and community shopping centers. Closest public-market pure-play to Marquee's anchored retail strategy; much larger scale.
• Kite Realty Group: Kite Realty Group (NYSE: KRG) is a publicly traded REIT operating open-air shopping centers in desirable markets in the Sun Belt and Midwest. Overlapping Midwest retail geographic exposure but operating at meaningfully larger scale as a public REIT.
• Brixmor Property Group: Brixmor Property Group (NYSE: BRX) is a publicly traded REIT that owns and operates a national portfolio of 360+ open-air shopping centers. Directly comparable asset class (anchored open-air retail) but far larger and public; serves as a benchmark for Marquee's retail strategy.
• PGIM Real Estate: PGIM Real Estate is the global real estate investment management business of Prudential Financial with $200B+ AUM across debt and equity strategies. Sits in Marquee's broader institutional RE investment peer set though at far greater scale and product breadth.
• AEW Capital Partners: AEW Capital Partners is a global real estate investment manager with $80B+ AUM offering core, value-add, and opportunistic strategies across asset classes. Comparable only at the broad institutional RE PE level; much larger than Marquee.

Direct peers

• Crow Holdings Capital: Crow Holdings Capital is the Dallas-based real estate private equity arm of the Trammel Crow family, managing institutional capital focused on retail-driven investment strategies. Family office heritage, retail focus, and vertically integrated operating model are highly comparable to Marquee Capital's structure.
• RAM Realty Services: RAM Realty Services is a Palm Beach-based real estate investment manager focused on multi-tenant retail, medical office, and mixed-use assets in high-growth markets. Similar mid-sized PE retail strategy and vertically integrated investment management approach.
• Wheelock Street Capital: Wheelock Street Capital is a privately held real estate investment manager focused on retail and lodging assets across the U.S. Like Marquee, Wheelock pursues opportunistic, value-add acquisitions through discretionary funds and JVs for institutional and high-net-worth capital partners.
• Belay Investment Group: Belay Investment Group is Marquee's $70M programmatic JV partner; it is a Los Angeles-based institutional real estate investment manager with $2.1B GAV that targets anchored retail strip centers across the Midwest. Belay's strategy, asset focus, and JV structure are directly comparable to Marquee's institutional capital deployment approach.
• North American Properties: North American Properties is an Atlanta-based privately held real estate investment and operating company focused on retail-driven, mixed-use developments. Comparable in size, strategy, and focus on retail-anchored community centers in secondary/suburban markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/marquee-capital-a-marcus-family-owned-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Marquee Capital