Though the pandemic devastated several Chicago malls and vendors, Bricktown Sq. on the West Facet averted catastrophe, with tenant occupancy keeping at 94 p.c at the close of 2020.
And with the metropolis and state now possessing fully reopened, owner Bonnie Financial investment Team decided it was the suitable time to money out of its 292,000-sq.-foot shopping mall on North Narragansett Avenue, Crain’s reported.
California-based mostly buying middle operator NewMark Merrill obtained Bricktown Sq., financing the order with a $25.3 million mortgage, according to the report. The sale value was not disclosed.
A team led by Bonnie paid $27 million for the shopping mall in 2004. It most recently refinanced the property with a $35.5 million house loan in 2012. At the time, the shopping mall was valued at about $48 million, Crain’s pointed out.
NewMark, which now owns four shopping mall homes in Chicago, reported it was on the lookout at extra acquisitions in the city. The organization will pay out for minimal enhancements to Bricktown Sq..
Other retail facilities nonetheless have to have significant assistance. In March, Washington Prime Team defaulted on its $47 million home finance loan for Lincolnwood City Middle and in April, Simon Assets Team however owed Cook dinner County $11 million in house taxes on Woodfield Shopping mall.
Continue to, the turnaround may perhaps be at hand. In April, the 200,000-sq.-foot Evanston Plaza in Evanston marketed for $36.2 million, extra than double its 2014 sale price tag, the report mentioned.
[Crain’s] — Joe Lovinger