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, reportedCrain’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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).