Jewel-Oscos Keep Bringing In Out-Of-State Investors
After several years when investors couldn’t seem to get enough of the Chicago region’s Mariano’s outlets, buyers in 2019 have focused a lot of attention on Jewel-Oscos. Woodland Hills, California-based NewMark Merrill Cos. just bought Stony Island Plaza in Chicago for $17.3M. The 160K SF retail center, anchored by a 70K SF Jewel-Osco and a 25K SF dd’s Discounts, is 10 miles south of downtown Chicago on the corner of 95th Street and Stony Island Avenue. It is about 93% occupied, according to officials from Mid-America Real Estate Corp., which brokered the deal. Earlier this year, RREEF Property Trust, the daily net asset value REIT of Germany’s DWS Group, acquired Elston Plaza, a Jewel-Osco-anchored property at the intersection of Addison, Elston and Kedzie avenues in Chicago. Other Jewel-Osco sales this year include 16625 West 159th St. in suburban Lockport, which a private investor bought for $13M, and another at 1660 Larking Ave. in Elgin, bought for $14.8M. Mid-America principal Rick Drogosz was the exclusive broker in the Stony Island transaction on behalf of Des Moines, Iowa-based Principal Real Estate Investors. NewMark Merrill’s portfolio now includes more than 80 shopping centers across the U.S.
By Brian Rogal