As the pandemic devastated many Chicago malls and retailers, Bricktown Square on the West Side avoided disaster, with tenant occupancy remaining at 94% at the end of 2020.
And with the city and the state now having fully reopened, owner Bonnie Investment Group decided it was a good time to withdraw cash from its 292,000 square foot mall on North Narragansett Avenue, Crain’s reported.
California-based mall owner NewMark Merrill acquired Bricktown Square, financing the purchase with a $ 25.3 million loan, according to the report. The sale price was not disclosed.
A group led by Bonnie paid $ 27 million for the mall in 2004. They recently refinanced the property with a mortgage of $ 35.5 million in 2012. At the time, the mall was valued at around 48. million dollars, Crain’s noted.
NewMark, which now owns four malls in Chicago, said it was considering further acquisitions in the city. The company will pay for minor improvements to Bricktown Square.
Other shopping centers still need significant help. In March, Washington Prime Group defaulted on its $ 47 million mortgage for Lincolnwood Town Center and in April, Simon Property Group still owed Cook County $ 11 million in property taxes on Woodfield Mall.
Yet the turnaround may be at hand. In April, the 200,000-square-foot Evanston Plaza in Evanston sold for $ 36.2 million, more than double its 2014 selling price, according to the report.
[Crain’s] – Joe Lovinger