- The Washington Times - Monday, May 21, 2007

LAS VEGAS — A D.C. retail developer and investor yesterday said it has raised nearly a half-billion dollars for its first private equity fund.

Madison Marquette plans to use the $487 million fund to invest in retail real estate primarily in the District, California, Florida and the Northeast.

The firm’s first private equity fund will give the company about $1.7 billion in purchasing power.

The fund’s investors include state employee retirement systems Coloradopers, Ohiosers and Pennsylvaniasers as well as Wells Fargo and ABP, a group that invests on behalf of the Dutch government.

The private equity fund will invest solely in retail properties, unlike most private equity firms, which invest in all types of real estate projects. Also, most private equity firms do not develop projects themselves.

“We’re different [from other private equity funds] because we have a long track record of investing on our own and with partners,” said Gary Mottola, president of Madison Marquette Investments.

The 15-year-old company has invested in about 23 million square feet of retail property across the country.

In the Washington area, Madison Marquette has developed Waldorf Town Center and 4500 Wisconsin Ave. NW, the retail and residential development project above the Tenleytown Metro station. The D.C. company, which also has offices up and down both coasts, says it is aggressively pursuing more Washington-area projects.

The company made the announcement at the International Council of Shopping Centers’ convention in Las Vegas. The convention, which draws retailers, developers, brokers and public officials, is the largest of its kind, with more than 50,000 attendees.

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