Madison Marquette buys into Mercato, other centers

Washington, D.C.-based Madison Marquette has taken a majority ownership interest in four Naples retail properties, including Mercato, Crossroads Market, Neapolitan Way and Midway Plaza. The acquisitions were made as part of the Madison Marquette Retail Enhancement Fund.

Public records did not indicate a change in the ownership from Lutgert Cos. and financial terms of the acquisition were not available. Madison Marquette took a managing interest in the Mercato and 100% ownership in the other three properties.

Mercato is a recently built mixed-use development with residential condominiums atop 330,000 square feet of retail. Whole Foods anchors the retail space and is joined by Sur La Table, Coldwater Creek, Capital Grille, Ulta, Bravo and Blue Martini.