METLIFE AFFILIATE AND M & J WILKOW ACQUIRE SOUTH CAROLINA RETAIL CENTER
New York, December 10, 2014
MetLife (NYSE: MET) and M & J Wilkow, Ltd. announced today that they have acquired Magnolia Park, an approximately 468,000 square foot outdoor retail center in Greenville, S.C. Affiliates of each of MetLife and M & J Wilkow formed a joint venture for the acquisition, with the MetLife affiliate as the majority owner.
The complex was bought from Magnolia Park One, LLC, who had redeveloped the site of the former Greenville Mall. Magnolia Park is a retail center located at the intersection of I-85, I-385 and Woodruff Road.
“Investing in retail real estate such as Magnolia Park is an important part of MetLife Real Estate Investors’ overall strategy,” said Robert Merck, senior managing director and global head of real estate for MetLife. “We are also pleased to have M & J Wilkow as our joint venture partner and look forward to working with them to grow our investment.”
Retailers at Magnolia Park include Regal Cinemas, Cabela’s, Nordstrom Rack, Golfsmith, Toys “R” Us/Babies “R” Us, Dave & Buster’s, and Yard House. Other large retailers include Bed Bath & Beyond, Old Navy, and Costco.
“M & J Wilkow is delighted to be able to add Magnolia Park to its growing portfolio of best-in-class retail properties in high growth regions of the country,” said Marc Wilkow, President of M & J Wilkow. “The opportunity to team up withMetLife is exceptional and inspiring for the entire M & J Wilkow team. We also look forward to evaluating other similarly exciting opportunities with our colleagues at MetLife.”
About MetLife, Inc.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
About M & J Wilkow, Ltd.
M & J Wilkow, Ltd. is in the business of acquiring, managing and selling shopping centers and office properties for its own account, as well as on behalf of institutional investors. Established in 1939 and headquartered in Chicago, Illinois, M & J Wilkow is a full service commercial real estate company, whose mission is to create value in real estate through an array of integrated services. The company’s portfolio consists of 35 office and retail properties, located throughout the United States. The aggregate size of the portfolio is 7,686,696 square feet, with an estimated market value of $1.1 billion. The Company employs approximately 80 employees working out of 10 regional offices. For more information, visit http://www.wilkow.com/.