The Marcus Corporation (NYSE: MCS) today announced a Balistreri owned and operated Sendik’s Food Market will open in The Corners of Brookfield, the open-air, town-center-style development in the Town of Brookfield, Wis. The 32,000 square-foot, full-service grocery store will feature abundant covered parking at its front door. It will be located on the Bluemound Road side of the 19-acre site at the intersection of I-94, Barker Road and Bluemound Road at the main entrance to the shopping center.
“The Corners is an ideal location to serve the Waukesha County community,” said Ted Balistreri, one of the family co-owners of Sendik’s. “The site offers easy access for our guests from the Goerke’s Corners interchange, ample parking, and is sure to become a premier retail destination in southeastern Wisconsin. We look forward to working with The Marcus Corporation and the Town of Brookfield on this landmark development.”
Katie Falvey, director of real estate for The Marcus Corporation, said, “We are very pleased to partner with Sendik’s, which is hands down, our best-in-class local grocer. The Balistreri family has done an amazing job of building a local chain that is known for its fresh, high-quality food and specialty items, as well as its outstanding customer service. The new Sendik’s Food Market is a perfect fit with the high standard being set by the unique design and the popular retailers and restaurants at The Corners.”
Falvey said demolition of existing buildings on The Corners site is underway and construction commencement is currently planned for fall. “The entire project including both anchors, Von Maur and Sendik’s, and the retail stores and restaurants, will open in fall 2016,” said Falvey.
The Corners, a mixed-use, 460,000 square-foot development, includes Wisconsin’s first Von Maur department store and is one of the only ground-up, fashion-oriented open-air centers currently under development anywhere in the U.S. The project is expected to create 325 construction jobs for two years and over 1,000 permanent jobs once complete, including more than 100 full- and part-time Sendik’s associates.
Other nationally-known and popular local retailers already announced include Arhaus Furniture, Chico’s, Hot Mama, Kilwins and White House Black Market. Restaurants opening in The Corners include The Lowlands Group (Café Hollander), Colectivo Coffee and Grimaldi’s Pizza. The Corners also features 150 modern, luxury apartments and lofts. Milwaukee-based Mandel Group, Inc. is directing development of the residential component.
“As our current tenant list indicates, the vibrant mix of fashion, dining and living at The Corners resonates with first-to-market national retailers and restaurants as well as exceptional local retailers like Sendik’s. We are continuing to attract additional retailers who are drawn to this distinctive new regional destination,” said Falvey.
About Sendik’s Food Markets
Since 1926, the Balistreri family has been serving the greater Milwaukee community by combining quality food products with exceptional customer service. Their goal is to provide the best grocery shopping experience, period. Currently Sendik’s operates 12 stores throughout southeastern Wisconsin, including Elm Grove, Franklin, Germantown, Grafton, Greenfield, Hartland, Mequon, New Berlin, Wauwatosa, West Bend and Whitefish Bay, and a Sendik’s Fresh2GO store in Bayside. Learn more at www.sendiks.com.
About The Corners of Brookfield
Anchored by Wisconsin’s first Von Maur department store, The Corners is a mixed-use, 460,000 square-foot development in suburban Milwaukee that will be built on a 19-acre site at the intersection of I-94, Barker Road and Bluemound Road, the pre-eminent retail corridor in Wisconsin. The Corners will feature national specialty and fashion retail, along with best-in-class local and regional shops and restaurants and luxury apartments – all served by a unique single level of covered parking.
The Marcus Corporation will have an ownership interest in a joint venture that will build and operate The Corners. Final details of the joint venture structure and participants will be announced this summer. Additional development team partners include NAI MLG Commercial, Mandel Group, DDG Architects, Eppstein Uhen Architects, Kapur & Associates Engineers and Tri-North Builders.
About The Marcus Corporation
Headquartered in Milwaukee, Wisconsin, The Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. The Marcus Corporation’s theatre division, Marcus Theatres®, currently owns or manages 685 screens at 55 locations in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North Dakota and Ohio. The company’s lodging division, Marcus® Hotels & Resorts, owns and/or manages 19 hotels, resorts and other properties in 10 states. For more information, please visit the company’s website at www.marcuscorp.com.
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division, as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (2) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, and preopening and start-up costs due to the capital intensive nature of our businesses; (3) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (4) the effects of adverse weather conditions, particularly during the winter in the Midwest and in our other markets; (5) the effects on our occupancy and room rates of the relative industry supply of available rooms at comparable lodging facilities in our markets; (6) the effects of competitive conditions in our markets; (7) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; and (8) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or incidents such as the recent tragedy in a movie theatre in Colorado. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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