Road to retail recovery: Bricktown Square mall sells

NewMark Merrill buys 200K sf shopping center on West Side

Chicago /
Jun.June 17, 2021 04:55 PM
NewMarkMerrill CEO Sanford Sigal and Bricktown Square (Google Maps)

NewMarkMerrill CEO Sanford Sigal and Bricktown Square (Google Maps)

While the pandemic devastated many Chicago malls and retailers, Bricktown Square on the West Side averted disaster, with tenant occupancy holding at 94 percent at the end of 2020.

And with the city and state now having fully reopened, owner Bonnie Investment Group decided it was the right time to cash out of its 292,000-square-foot mall on North Narragansett Avenue, Crain’s reported.

California-based shopping center owner NewMark Merrill acquired Bricktown Square, financing the purchase with a $25.3 million loan, according to the report. The sale price was not disclosed.

A group led by Bonnie paid $27 million for the mall in 2004. It most recently refinanced the property with a $35.5 million mortgage in 2012. At the time, the mall was valued at about $48 million, Crain’s noted.

NewMark, which now owns four mall properties in Chicago, said it was looking at more acquisitions in the city. The firm will pay for minor improvements to Bricktown Square.

Other retail centers still need major help. In March, Washington Prime Group defaulted on its $47 million mortgage for Lincolnwood Town Center and in April, Simon Property Group still owed Cook County $11 million in property taxes on Woodfield Mall.

Still, the turnaround may be at hand. In April, the 200,000-square-foot Evanston Plaza in Evanston sold for $36.2 million, more than double its 2014 sale price, the report noted.

[Crain’s] — Joe Lovinger






    Related Articles

    arrow_forward_ios
    Greystar buys site earmarked for 20-story West Loop tower
    Greystar buys site earmarked for 20-story West Loop tower
    Greystar buys site earmarked for 20-story West Loop tower
    Elk Grove Village to get $1B data center project
    Elk Grove Village to get $1B data center project
    Elk Grove Village to get $1B data center project
    An early rendering of 523-45 South Wabash Street (BKV Group)
    $350M mixed-use development in Loop approved
    $350M mixed-use development in Loop approved
    Donald Trump with the Trump International Hotel & Tower in Chicago (Getty, iStock)
    Trump gets another tax break on Trump Tower retail space
    Trump gets another tax break on Trump Tower retail space
    Jenner & Block poised to sign new lease at Chicago’s River North building after settling suit with landlord
    Jenner & Block cuts space at 353 N Clark after settling suit with landlord
    Jenner & Block cuts space at 353 N Clark after settling suit with landlord
    Industrial investors say ineffective leadership in Chicago, uncertainty of Cook County property taxes are risk factors to investing: Report
    Chicago real estate pros’ biggest worries: politicians and taxes
    Chicago real estate pros’ biggest worries: politicians and taxes
    Mayor Lori Lightfoot (Getty)
    Plans to ease cannabis restrictions in Chicago near final approval
    Plans to ease cannabis restrictions in Chicago near final approval
    Germania Club building, 108 West Germania Place (Google Maps)
    Site of Chicago’s van Gogh exhibit sells for $15M
    Site of Chicago’s van Gogh exhibit sells for $15M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...