NewMark Merrill has acquired Lake Meadows Shopping Center in Bronzeville.
Upgrades are planned for a 16-acre South Side shopping center anchored by Jewel-Osco that sold to a West Coast retail investor expanding its local presence.
NewMark Merrill Cos. Inc. acquired the 179,000-square-foot Lake Meadows Shopping Center from Draper and Kramer Inc. The sale for the property at 3357 S. King Drive in Bronzeville closed Dec. 23.
Financial terms of the sale were not disclosed.
Other tenants at the 85%-occupied retail center include LA Fitness, Foot Locker and CVS.
Renovations for Lake Meadows will include improvements to signage, lighting and gathering spaces.
NewMark Merrill now owns eight retail properties in the Chicago area totaling 1.6 million square feet, said David Ebeling, a spokesman for the Southern California-based retail shopping center owner and development company.
Those properties are Stratford Crossing in Bloomingdale; Winston Plaza in Melrose Park; and Stony Island Plaza, Bricktown Square, Marketplace at Six Corners, Midway Square and Pulaski Promenade all in Chicago.
“We will look for ways we can enhance the experience at the center like we’ve done with our other centers in the Chicago area and throughout our entire portfolio,” said Sandy Sigal, president and CEO of NewMark Merrill Cos., in a statement.
NewMark Merrill was represented internally on the deal by Sigal, Jim Patton, Brad Pearl, Sandra Kist, Susan Rorison and Matt Gugliciello. Michael Nieder, Brian Page and John Dettlaff with JLL represented the seller in the transaction.
Separately, NewMark Merrill also refinanced Winston Plaza in Melrose Park, IL with a new loan from Mutual of Omaha for $36 million. In 2008, the company acquired the center and completed an extensive remodeling and repositioning.
Article by Wendell Hutson – Staff Reporter, Chicago Business Journal
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