Lemonade, Madison Marquette’s new surplus corporate property acquisition program, today announced that it acquired 144 properties to reposition throughout the Southeast and Mid-Atlantic United States.
“This transaction begins the process of transforming vacant properties back into useful assets for dozens of communities,” said Madison Marquette Principal Josh Anderson, who oversees the program. “Lemonade allows corporate sellers to remain focused on their core business with the confidence that we have the commitment and resources to successfully reposition their former properties.”
The transaction involved 144 properties acquired in 120 communities across eight states (Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina, Virginia, and Maryland), all purchased from a single seller. The costs and seller involved in the transactions are not being announced.
Anderson said Lemonade seeks to acquire vacant or soon-to-be-vacant corporate-owned properties in portfolios rather than one at a time, with an initial focus on retail stores. “We offer a unique package of benefits that address challenges corporations face when vacating a large number of properties,” said Anderson.
Among the benefits to sellers are: a condensed closing timeline, since properties are purchased “as-is” without building permit or zoning approval contingencies; a commitment to purchase all vacant properties without “cherry-picking;” and predictable and cost-effective closing with all-cash equity and no debt.
Madison Marquette, a real estate investment and service firm-based in Washington DC, launched Lemonade in 2021. This deal is the fifth portfolio that Lemonade has acquired during the past year.