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| Winston Plaza community center, Melrose Park, IL |
Chicago, IL – NewMark Merrill Companies, a Woodland Hills, California-based retail shopping center owner and developer, announced it has completed a recapitalization totaling $31.2 million at Winston Plaza, a 410,000-square-foot community center located on North Avenue and 9th Street in Melrose Park, Illinois.
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| Sandy Sigal |
The financing includes funds for additional improvements and the addition of several new tenants.
The Company also recently completed the lease
renewals of Best Buy, Party City, and Five Below as well as new leases and
openings of Ross Dress for Less, Citi Trends and Snipes at the property.
This is the second big announcement at
Winston Plaza in 2022. In March, NewMark Merrill announced that it had
sold a 90,000-square-foot building to Cermak Fresh Market who will open a new
state-of-the-art grocery store by the end of the year.
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| Susan Rorison |
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| James Patton |
Bryan Gortikov of Gortikov Enterprises arranged the financing with Wells Fargo Bank. Additionally, Kevin Mottlowitz with GMX and Joe Parrot with CB Commercial assisted on this transaction with Dino Geroulis and John Roberson from Axis Realty representing Cermak Fresh Market.
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| Sandra Kist |
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| Brad Pearl |
"It plays a key role as the premier shopping destination in
Melrose Park community, and we felt it was important to continue to reinvest in
the center post-COVID.
"We have seen an amazing amount
of leasing activity over the last few quarters bringing in further national,
regional and local tenants.
“By recapitalizing this asset, we will be best positioned to
accomplish our business plan of stabilizing the center financially for the
long-term, enabling us to provide a best-in-class property for its tenants and
the community.”
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| Darren Bovard |
It is also leased to several national and local retailers and restaurants including Party City, Chick-fil-A, Citi Trends, IHOP, Chuck E. Cheese, Foot Locker, Carter’s, Baskin Robbins, Dunkin’, and Wing Stop among others.
About NewMark Merrill Companies
Joe Parrot
NewMark Merrill Companies, Inc. owns and/or
manages a portfolio of over 90 shopping centers valued at more than $2 billion.
Since 1987, President and Chief Executive Officer Sandy Sigal has led the company of shopping centers representing over 2,000 tenants and 11 million square feet in California, Colorado and Illinois.
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| Sean McCourt |
CONTACT:
David Ebeling
Ebeling
Communications
949.861.8351
949.278.7851
(Cell)
Member
of the National Association of Real Estate Editors (NAREE)
“PR
Strategist for the Commercial Real Estate Industry: I do what I love and
love what I do.”
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