In addition to being across the street from a 1.2-million-sf shopping mall that is being renovated by Feldman Properties, Stratford Plaza also is sandwiched between a 210,000-sf Meijer SuperStore and 100,000-sf LifeTime Fitness health club. Stratford Plaza marks NewMark Merrill Cos.' debut in the Chicago market, but the new arrivals are teaming with GMX Real Estate Group, LLC.
"We are extremely excited about the acquisition of Stratford Plaza due to its outstanding tenant mix, the potential for improvement at the site, and because it is situated in one of the most desirable retail locations within its trade area," says president and chief executive officer Sandy Sigal, whose company swung the acquisition with a mortgage from PNC Real Estate Finance.
Joe Girardi and Mike George of Mid-America Real Estate represented NewMark Merrill Cos. and GMX Real Estate Group. The Oak Brook-based brokerage also will handle management and leasing at the 11-year-old center, which is likely to get upgrades to the common areas. Jim Toney represented Rreef Capital Management.
NewMark Merrill Cos. has four offices in Southern California, where it is developing new centers in Ontario, Rialto, San Diego and Thousand Oaks. It also is remodeling centers in Carson, Oceanside and Upland.
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