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PGIM Real Estate Divests Morgan Park Shopping Center
Long Island-based Allied Development has acquired Marshfield Plaza, a 259,400-square-foot shopping center in Morgan Park on Chicago’s South Side, from PGIM Real Estate, reported Crain’s Chicago Business. The property, for which Allied paid $30.2 million, is the buyer’s first in the Chicago area.
The shopping center, which opened in 2010, is currently 94.1% leased. A CBRE team led by Christian Williams brokered the sale.
The center has seen significant vacancies in recent years. A 100,00-square-foot former Target that wasn’t part of the sale is now a Discover customer care center.
Marshall’s also closed its store at Marshfield Plaza in 2019. But dd’s Discounts leased the 26,000-square-foot space last year. Forman Mills has also agreed to take over a 64,000-square-foot space from Burlington, which isn’t renewing its lease.
The shopping center “has taken its lumps over the years,” Williams told Crain’s. PGIM “did a very nice job of stabilizing it.”
- ◦Sale/Acquisition
