NewMark Merrill Cos. has acquired a retail center in Chicago, the Woodland Hills-based real estate company announced late last month.The 292,309-square-foot retail center, Bricktown Square, located at the corner of North Narragansett and West Fullerton Avenue in Chicago, was purchased from Bonnie Investment Group, with NewMark Merrill planning to invest in upgrades to the property.“As we come out of the COVID crisis and retail continues to evolve, NewMark Merrill believes that Bricktown Square is integral to the community and positioned to thrive,” said Sandy Sigal, chief executive of NewMark Merrill, in a statement.
“We identified this off-market shopping center over two years ago, saw its potential and have been working to acquire it ever since,” Sigal continued. “Through the pandemic, social unrest and a negative narrative around retail, we were able to identify, secure financing and close on a property that we believe is the dominant retail center in the trade area.”Bricktown Square currently hosts anchor tenants including Ross Dress for Less, Harbor Freight Tools, Aldi Stores, XSport Fitness, DD’s Discounts and Farmer’s Best Fresh Market. The shopping center has direct exposure to almost 50,000 cars daily and is located in a densely populated area, comprising more than 373,000 residents with an average household income of more than $83,311 within a 3-mile radius of the property.“The merchants and customers of Bricktown Square are now part of the NewMark Merrill family,” Sigal’s statement said. “We will continue to invest in the community like we’ve done with our other centers in the Chicago area and throughout our entire portfolio.”The company owns and operates 85 shopping centers in Illinois, Colorado and California, including three other retail properties in the Chicagoland area: Stony Island Plaza in Chicago, Stratford Crossing in Bloomingdale and Winston Plaza in Melrose Park.
NewMark Merrill was represented in-house by Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison. The sellers represented themselves. The center was financed by ReCap, the real estate subsidiary of RGA Real Insurance Group of America.
NewMark Merrill’s Chicago Mall
