NewMark Merrill Picks Up Grocery-Anchored Center in South Deering
NewMark Merrill Companies purchased Stony Island Plaza, a grocery-anchored retail center in the South Side’s South Deering neighborhood, for $17.35 million. The acquisition represents the third in Illinois for the Woodland Hills, CA-based company, which now owns almost one million square feet there.
Built in 1999, the 159,785-square-foot Stony Island Plaza is anchored by Jewel-Osco. It’s 93% leased to several local and national brands. NewMark Merrill plans to improve the signage, parking areas and landscaping of the property.
“Stony Island Plaza provided us the opportunity to acquire a premier center with excellent visibility and strong demographics,” said CEO Sandy Sigal.
Sigal and NewMark Merrill’s Jim Patton negotiated the purchase, with Rick Drogosz at Mid-America Real Estate Corporation representing an institutional seller. Financing was provided by John Hancock Life Insurance, arranged by the firm’s Jeffery Packard, Tom Treacy and Chris Bingham. The loan was arranged by Pacific Southwest Realty’s Kostas Kavayiotidis.