Photo of Stony Island Plaza available here.
CHICAGO (September 25, 2019) – Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of Stony Island Plaza in Chicago. The 159,785-square-foot retail center was purchased by Woodland Hills, California-based NewMark Merrill Companies.
Stony Island Plaza is a 93% leased community center, which is anchored by a 70,000-square-foot Jewel-Osco and a 24,827-square-foot dd’s Discounts. Anchor tenants at Stony Island Plaza are complemented by a strong mix of national and regional tenants including Circle K, KFC, GNC, Ashley Stewart, Oak Street Health, DTLR, H&R Block, Foot Locker, Athletico, and America’s Best Contacts.
Located 10 miles from downtown Chicago, Stony Island Plaza benefits from its proximity to several major highways including Interstates 90, 94, and 57. The grocery-anchored center is situated on the corner of 95th Street and Stony Island Avenue, a main retail thoroughfare that runs east-west connecting the City of Chicago with the south and southwest suburbs.
Mid-America Real Estate Corporation Principal Rick Drogosz was the exclusive broker in the transaction on behalf of Des Moines, Iowa-based Principal Real Estate Investors. This was the third purchase by NewMark Merrill Companies in Illinois and the second one facilitated by Mid-America.
Principal Real Estate Investors manages or sub-advises $82.9 billion in commercial real estate assets (as of June 30, 2019). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
NewMark Merrill Companies is a privately held owner, developer and manager of shopping centers throughout California, Colorado and Illinois. It’s portfolio currently represents over 80 shopping centers and almost 2,000 tenants. The Company is known for owning shopping centers for the long-term enhancing value to communities and tenants alike. It also operates a technology company called BrightStreet Ventures which provides technology solutions and advancements to its tenants to support their growth.
Mid-America Real Estate Corporation is a member of Mid-America Real Estate Group, a ChainLinks affiliate headquartered in Chicago, Ill. The company is the Midwest’s leading full-service retail real estate organization with offices in Oakbrook Terrace IL, Chicago, Milwaukee, Minneapolis and Detroit. For more information, call (630) 954-7300 or visit www.midamericagrp.com.
Mid-America Real Estate: www.midamericagrp.com