NewMark Merrill Acquires 159,785 SF Shopping Center in Chicago for $17.3M
CHICAGO — NewMark Merrill Cos. Inc. has acquired Stony Island Plaza in Chicago for $17.3 million. The 159,785-square-foot shopping center is located in the South Deering neighborhood at the intersection of 95th Street and Stony Island Avenue. Jewel-Osco and DD’s Discounts anchor the center, built in 1999. It is currently 93 percent leased to several local and national brands, including Circle K, KFC, H&R Block, Foot Locker, GNC, Happy Nails and Seashell Restaurant. NewMark Merrill plans to improve signage, parking areas and landscaping. Rick Drogosz of Mid-America Real Estate Corp. represented the institutional seller. Sandy Sigal and Jim Patton of NewMark Merrill negotiated the purchase on behalf of NewMark Merrill. Kostas Kavayiotidis of Pacific Southwest Realty arranged acquisition financing with John Hancock Life Insurance. Jeffery Packard, Tom Treacy and Chris Bingham of John Hancock originated the financing.
By Kristin Hiller