MetLife and M&J Wilkow are the proud new owners of Magnolia Park.
Affiliates of the companies announced the acquisition in a news release Wednesday, saying they formed a joint venture for the acquisition, with the MetLife affiliate as the majority owner.
The Upstate Business Journal reported last week that the 38-acre shopping center on Woodruff Road in Greenville was sold to Sioux Falls, S.D.-based Midland National Life Insurance Company. And while the paperwork recorded in Greenville County on Nov. 21 reflects that, a representative from MetLife said that Midland is the lender. The complex was bought from Magnolia Park One LLC.
“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.”
Construction continues on additional retail and restaurants at the center. In November, Marc Yavinsky, executive vice president for Menin Development, said leasing at Magnolia Park was down to the last 5 percent or 20,000 square feet of space.