Even though the pandemic devastated numerous Chicago malls and stores, Bricktown Square on the West Side averted catastrophe, with tenant occupancy holding at 94 % at the close of 2020.
And with the metropolis and condition now obtaining absolutely reopened, owner Bonnie Expense Team resolved it was the ideal time to funds out of its 292,000-sq.-foot shopping mall on North Narragansett Avenue, Crain’s described.
California-centered procuring middle operator NewMark Merrill acquired Bricktown Square, funding the order with a $25.3 million personal loan, in accordance to the report. The sale cost was not disclosed.
A team led by Bonnie paid $27 million for the shopping mall in 2004. It most lately refinanced the residence with a $35.5 million mortgage loan in 2012. At the time, the shopping mall was valued at about $48 million, Crain’s famous.
NewMark, which now owns four shopping mall houses in Chicago, said it was seeking at more acquisitions in the town. The agency will pay for slight enhancements to Bricktown Square.
Other retail facilities nevertheless will need big aid. In March, Washington Prime Group defaulted on its $47 million house loan for Lincolnwood City Heart and in April, Simon Property Team nonetheless owed Cook dinner County $11 million in house taxes on Woodfield Shopping mall.
Nonetheless, the turnaround may perhaps be at hand. In April, the 200,000-sq.-foot Evanston Plaza in Evanston offered for $36.2 million, extra than double its 2014 sale cost, the report noted.
[Crain’s] — Joe Lovinger