Calabasas, CA (October 23rd, 2023) – NewMark Merrill Companies, Inc., a Calabasas, California-based retail shopping center owner and development company, is pleased to announce it has facilitated the acquisition of Pulaski Promenade, a 122,710-square-foot retail center located on 10.5 acres in Chicago, Illinois on Pulaski Road just south of I-55 from DRA/Pine Tree. Additionally, the firm acquired Midway Square, a 55,332-square-foot retail center located at the corner of Pulaski Road and South Archer Avenue in Chicago from TRC Retail. With these two acquisitions, the company owns and/or operates six properties in the Chicago area including Stratford Crossing (Bloomingdale), Winston Plaza (Melrose Park), Stony Island Plaza (Chicago), and Bricktown Square (Chicago) representing over 1.5 million square feet and over $220,000,000.
NewMark Merrill will work to enhance the assets with investments to create and maintain a first-class shopping center, upgrading various areas of the property including improvements to signage, as well as improving the customer experience. In addition, the Company will continue its commitment to the local community through direct outreach, promoting the center’s businesses and operators, and putting together events that cater to the neighborhood.
“With the changing dynamics of the retail industry, NewMark Merrill believes that Pulaski Promenade and Midway Square are positioned to thrive in their community,” said Sandy Sigal, President and Chief Executive Officer of NewMark Merrill Companies. “Despite the current economic climate, we were able to identify, secure financing and close on two properties that we believe are the dominant retail centers in the trade area.”
Sigal went on to say “the merchants and customers of Pulaski Promenade and Midway Square are now part of the NewMark Merrill family. We welcome such incredible national, regional and local merchants such as [list a sample of our national, regional and local tenant] and will continue to ensure these centers add value to the surrounding communities like we’ve done with our other centers in the Chicago area and throughout our entire portfolio.”
NewMark Merrill was represented in-house by Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison, and the sellers were represented by Rick Drogosz from Mid-America and Danny Spitz and Jason St. John from Greenstone Partners.
Pulaski Promenade is ideally located prominently at the beginning of the thriving Pulaski Road retail corridor. It is 100 percent leased to several prominent tenants including Marshalls, Shoe Carnival, Michaels, Ross, PetSmart, Ulta and Carter’s. Midway Square is located just minutes from Pulaski Promenade on the same retail corridor. It is 92 percent leased to Dollar Tree, Chase Bank, T-Mobile and Sally’s Beauty, among others.
About NewMark Merrill Companies
NewMark Merrill Companies, Inc. owns or manages a portfolio of over 95 shopping centers valued at more than $2.5 billion. Since 1987 President and Chief Executive Officer Sandy Sigal has led the company of shopping centers representing over 2,000 tenants and 12 million square feet in California, Colorado, and Illinois. The Company has founded and invested heavily in BrightStreet Ventures, its technology company, which is working on leading edge solutions for landlords and tenants to succeed in today’s retail environment. For more information, please visit NewMarkMerrill.com.