NewMark Merrill Companies Completes $31 Million Recapitalization of Winston Plaza in Chicago Area

 

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 9^th Street in Melrose Park, Illinois.

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. 

Susan Rorison

This represents the second center in NewMark Merrill’s Chicago portfolio anchored by Cermak. 

 James Patton

On the recapitalization transaction, NewMark Merrill’s Sandy Sigal, Chairman and Chief Executive Officer; Susan Rorison, Chief Operating Officer; James Patton, Senior Vice President, Leasing & Acquisitions; Sandra Kist, Chief Financial Officer; and Brad Pearl, Executive Vice President made up the refinance team.

 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.

Sandra Kist

Leasing at Winston Plaza is overseen by Brad Pearl and Darren Bovard of NewMark Merrill and Joe Parrot and Sean McCourt from CB Commercial.

Brad Pearl

“Winston Plaza has been a core asset for us since we acquired it over 15 years ago," stated Sigal.

 

 "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.” 

Darren Bovard 

Winston Plaza is anchored by Best Buy, Ross, Marshalls, Dollar Tree, Cermak Grocers and Five Below. 

  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.

 

Joe Parrot 

About NewMark Merrill Companies

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.

Sean McCourt

The Company has founded and invested heavily in BrightStreet Ventures, its technology company, which is working on leading edge solutions for landlords and tenants to succeed in today’s retail environment.

 

CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

NewMarkMerrill.com

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