Newmark Merrill Buys Chicago Shopping Center for $22M
DRA Advisors has sold Marketplace at Six Corners, a 116,941-square-foot grocery-anchored urban shopping center in Chicago.
NewMark Merrill acquired the asset for $22.4 million and financed the purchase with a $14.9 million loan from United Omaha Life Insurance Co., public records show.
Mid-America Real Estate Corp. Principal Rick Drogosz represented the seller. The retail center was managed by Pine Tree at the time of closing.
Anchored by Jewel-Osco, Marshalls, PetSmart and Famous Footwear, Marketplace at Six Corners has a desirable mix of credit tenancy and near-term value-add opportunities.
Marketplace at Six Corners came online in 1997 encompassing 340,000 square feet—a 220,000-square-foot renovated Sears dating back to the 1930s, a 70,000-square-foot Jewel-Osco and 50,000 square feet of additional retail. The Sears store closed in 2018 and later on became subject to adaptive reuse, being redeveloped into a six-story residential building.
Located on 10 acres at 4660 W. Irving Park Road in the historic shopping district of Six Corners, the retail center serves a population of approximately 1.1 million within a 5-mile radius, according to Pine Tree. The property is adjacent to the heavily trafficked intersection of three major thoroughfares—Irving Park Road, Cicero Avenue and North Milwaukee Avenue—where the daily traffic count reaches around 90,000 vehicles.
One more Chicago sale for DRA Advisors
Marketplace at Six Corners is just one of several retail assets DRA Advisors has recently transacted in the Chicago market. Mid-America brokers represented the company in all deals.
Last month, the company sold a 115,754-square-foot value-add shopping center in Oak Forest, Ill., to First Tek. The buyer had previously acquired a 172,697-square-foot retail center in Darien, Ill., from DRA.
Also in March, DRA sold a 649,668-square-foot open-air regional center in Orland Park, Ill., after nearly 20 years of ownership. PMAT purchased the asset for $74.6 million.
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