NewMark Merrill pays $17 million for Chicago grocery-anchored center
California-based NewMark Merrill Companies has purchased its third center in Illinois, the 159,000-sq.-ft. Stony Island Plaza in Chicago.
Located in the South Deering neighborhood 5 miles south of downtown, the 20-year-old center is anchored by Jewel-Osco and DD’s Discounts. Other tenants include Circle K, KFC, GNC, Happy Nails, Ashley Stewart, H&R Block, Dress Code, Foot Locker, Athletico, and Seashell Restaurant.
NewMark Merrill plans to improve the signage, parking areas, and landscaping of the property, as well as enhance the shopper and visitor experience.
“Stony Island Plaza provided us the opportunity to acquire a premier center with excellent visibility and strong demographics,” said CEO Sandy Sigal.
By Al Urbanski