Fonte dell’immagine：https://therealdeal.com/chicago/2023/10/27/newmark-merrill-pays-35m-for-two-shopping-centers-near-midway/
NEW YORK – Newmark Merrill Companies, a leading commercial real estate firm, has recently acquired two shopping centers located near Midway International Airport for a whopping $35 million. The strategic purchase aims to tap into the growing commercial market in the bustling city of Chicago.
The shopping centers, which span roughly 267,000 square feet combined, are strategically situated near highly-trafficked areas in Chicago, making them attractive destinations for retailers and customers alike. Newmark Merrill’s acquisition includes the Westside Shopping Center and Archer Plaza, both of which represent significant investment opportunities in the thriving retail sector.
Located in the West Lawn neighborhood, the Westside Shopping Center boasts a total leasable area of approximately 174,000 square feet. The complex currently houses a mix of renowned retailers, including Ross Dress for Less, Applebee’s, and Planet Fitness. With its easy accessibility and prime location, the shopping center is primed for further development and expansion.
On the other hand, Archer Plaza, situated in Garfield Ridge, spans approximately 93,000 square feet. The retail hub is anchored by a popular grocery store chain and features a diverse tenant mix, including a bank, a pharmacy, and various service-oriented retailers. Newmark Merrill’s acquisition of this shopping center further solidifies the company’s commitment to strategically investing in profitable commercial properties.
According to industry experts, the acquisition comes at a time when the commercial real estate market in Chicago is witnessing a significant upswing. The city’s thriving economy and robust consumer spending have propelled the demand for retail spaces, making it an opportune moment for savvy investors like Newmark Merrill to expand their portfolios.
The purchase of these two shopping centers marks Newmark Merrill’s continued interest in the Chicago market. With its extensive knowledge and expertise in commercial real estate, the company plans to leverage its resources to enhance the tenants’ experience, attract new retailers, and ultimately maximize returns on these promising assets.
As the market recovers from the economic downturn caused by the pandemic, Newmark Merrill’s latest acquisition reflects the company’s confidence in the future of the Chicago retail landscape. With a keen eye toward innovation and a commitment to creating vibrant retail destinations, the firm’s move is poised to yield substantial benefits for both its investors and the local community.
