Company currently owns and/or operates eight retail centers in Chicago area totaling 1.6M square feet
FOR IMMEDIATE RELEASE
Calabasas, CA (January 5, 2026) – NewMark Merrill Companies, Inc., a Calabasas, California-based retail shopping center owner and development company, is pleased to announce it has acquired Lake Meadows Shopping Center, a 179,106-square-foot grocery anchored retail center located on 16 acres on the corner of South Martin Luther King Drive and East 35th Street in Chicago, Illinois from Draper and Kramer. The center is anchored by Jewel-Osco, LA Fitness, Foot Locker, CVS Pharmacy, Citi Trends, and many other national, regional, and local merchants.
The company now owns and/or operates eight properties in the Chicago area including Stratford Crossing (Bloomingdale), Winston Plaza (Melrose Park), Stony Island Plaza (Chicago), Bricktown Square (Chicago), Marketplace at Six Corners (Chicago), Midway Square (Chicago), and Pulaski Promenade (Chicago) representing over 1.6M million square feet, over 200 merchants, and a combined asset value of over $300M.
NewMark Merrill plans to invest in Lake Meadows to upgrade the center, including improvements to signage, lighting, gathering spaces, as well as supporting the tenants in creating a meaningful customer experience. In addition, the Company will bring its commitment to local community connection through direct outreach, promoting the center’s businesses and operators, reaching out and connecting with the residents of the over 4,500 multifamily units surrounding Lake Meadows, and putting together events and services that cater to the neighborhood.
“We are so excited to be able to acquire the Lake Meadows Shopping Center in the Bronzeville area of Chicago,” said Sandy Sigal, President and Chief Executive Officer of NewMark Merrill Companies.
“Surrounded by many residents, and as part of such a strong and connected community, it is a perfect fit for our long-term investment philosophy and our focus on making every community better because we are there. With a dominant Jewel-Osco and LA Fitness and complementary retail, restaurants and services, the opportunity to add another anchor or two, as well as our supporting management and marketing strategy, we believe Lake Meadows shopping center can become the gathering place and community hub.”
“The merchants and customers of Lake Meadows Shopping Center are now part of the NewMark Merrill family,” continued Sigal. “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.”
NewMark Merrill was represented in-house by Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist, Susan Rorison, and Matt Gugliciello. JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Managing Director Michael Nieder, Director Brian Page, and Associate John Dettlaff.
“Lake Meadows Shopping Center represents a compelling value-add opportunity in one of Chicago’s most densely populated residential corridors,” said Nieder. “The property’s strong grocery anchor, diverse tenant mix and significant surrounding multifamily density create a stable foundation for future growth.” Debt was provided by a Family Foundation.
Lake Meadows Shopping Center is ideally located just minutes from downtown Chicago, and within walking distance of Lake Michigan. It is 85 percent leased to several prominent tenants including Jewel-Osco, LA Fitness, Foot Locker, Citi Trends and many other retailers, restaurants and service tenants.
NewMark Merrill also refinanced Winston Plaza in Melrose Park, IL with a new loan from Mutual of Omaha for $36 million. The company acquired the center in 2008 and completed an extensive remodeling and repositioning. Since the end of COVID, the center has added over 100,000 square feet of new merchants including a Cermak grocery store, Ross, Burlington, JD Sports, Sistar Beauty, and an expanded Five Below. The center currently sees over eight million visitors a year (up 22% over the last three years), with over 75% of those visitors visiting the site at least once a month and is ranked in the 99% percentile of all community centers in the state of Illinois.
The refinance was facilitated by Kostas Kavayiotidis of Pacific Southwest Realty, and Bryan Gortikov of Gortikov Enterprises. Sandra Kist, Chief Financial Officer, and Josh Ginsborg, Vice President of Capital Markets negotiated on behalf of NewMark Merrill.
About NewMark Merrill Companies
NewMark Merrill Companies, Inc. owns or manages a portfolio of more than 110 shopping centers valued at over $3 billion. Since 1987, President and Chief Executive Officer Sandy Sigal has led the company’s operations spanning California, Colorado, and Illinois, representing over 2,000 tenants and 13 million square feet of retail space. The company has also founded BrightStreet Ventures, a technology subsidiary focused on innovative digital tools for landlords and tenants. For more information, visit www.NewMarkMerrill.com.