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Chicago — Mid-America Real Estate Corporation’s Investment Sales team has arranged the sale of The Plaza, a 735,000-square-foot enclosed regional mall located in Evergreen Park in Illinois.
The property was purchased by a joint venture between Lormax Stern Development and DeBartolo Development, who has plans to demolish the majority of the existing 800,000-square-foot mall and replace it with a 425,000-square-foot open-air retail center. Current tenants of the center include Carson Pirie Scott, Planet Fitness and Applebee’s. Ben Wineman of Mid-America worked on behalf of the seller, a CMBS trust, in the transaction.