Woodland Hills, CA. (June 21, 2021) – At a time when very few retail properties are changing hands, NewMark Merrill Companies, Inc., a Woodland Hills, CA based retail shopping center owner, announced today that it has purchased Bricktown Square, a 292,309-square-foot retail center located at the northwest corner of N. Narragansett and W. Fullerton Avenue in Chicago, Illinois from Bonnie Investment Group. NewMark Merrill currently owns and operates three other retail properties in the Chicagoland area including Stony Island Plaza in Chicago, Stratford Crossing in Bloomingdale and Winston Plaza in Melrose Park.
NewMark Merrill will work to enhance the asset with investments in deferred maintenance, upgrading various areas of the property including improvements to signage, as well as improving the customer experience. In addition, the Company will continue its commitment to the local community through direct outreach, promoting the center’s businesses and operators, and putting together events that cater to the neighborhood.
“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, President and Chief Executive Officer of NewMark Merrill Companies. “We identified this off-market shopping center over two years ago, saw its potential and have been working to acquire it ever since. 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.”
Sigal went on to say “the merchants and customers of Bricktown Square are now part of the NewMark Merrill family. 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.”
NewMark Merrill was represented in-house by Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison, and the sellers represented themselves. The center was financed by ReCap, the real estate subsidiary of RGA Real Insurance Group of America.
Bricktown Square is ideally located in the northwest side of Chicago and features several key anchor tenants including Ross Dress for Less, Harbor Freight Tools, Aldi Stores, XSport Fitness, DD’s Discounts and Farmer’s Best Fresh Market. This retail center has direct exposure to almost 50,000 cars daily. Bricktown Square is located in a densely populated primary trade area comprised of over 373,000 residents with an average household income of over $83,311 within a three-mile radius of the property.
About NewMark Merrill Companies
NewMark Merrill Companies, Inc. owns and manages a portfolio of over 85 shopping centers valued at more than $2 billion. Since 1987, President and Chief Executive Officer Sandy Sigal has led the company of shopping centers representing over 1,800 tenants and 10 million square feet in California, Colorado and Illinois. The Company has founded and invested heavily in BrightStreet Ventures, its technology company, which is working on leading edge solutions for landlords and tenants to succeed in today’s retail environment. For more information, please visit NewMarkMerrill.com.