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Monday, May 16, 2022

NewMark Merrill Buys Shopping Center in Chicago

NewMark Merrill Cos. has acquired a retail center in Chicago, the Woodland Hills-based real estate company announced Thursday.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.“We identified this off-market shopping center over two years ago, saw its potential and have been working to acquire it ever since,” said Sandy Sigal, chief executive of NewMark Merrill, in a statement. “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.NewMark Merrill owns and operates 85 shopping centers in Illinois, Colorado and California.

Katherine Tangalakis-Lippert
Katherine Tangalakis-Lippert
Katherine Tangalakis-Lippert is a Los Angeles-based reporter covering retail, hospitality and philanthropy for the San Fernando Valley Business Journal. In addition to her current beat, she is particularly interested in criminal justice topics, health and science stories and investigative journalism. She received her AA in Humanities from Moorpark College in 2016, her BA in Communication from Cal Lutheran University in 2019 and followed it up with a MA in Specialized Journalism from USC in the summer of 2020. Through her work, Katherine aspires to help strengthen the fragile trust between members of the media and the public.

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