West Coast center developer expands its presence in Chicago
Calabasas, Calif.-based NewMark Merrill, the bulk of whose outdoor centers are found in California and Colorado, has acquired its ninth center in Chicagoland.
It has picked up the 179,000-sq.-ft. Lake Meadows Shopping Center on Chicago’s South Side, anchored by Jewel-Osco, LA Fitness, Foot Locker, and CVS.
NewMark Merrill has plans to upgrade the center, including improvements to signage, lighting, and gathering spaces.
It also stated its intention to make improved connections to the local community through direct outreach, promoting the center’s tenants, and reaching out to the residents of the more than 4,500 multifamily units that surround Lake Meadow with 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 NewMark Merrilll CEO Sandy Sigal. “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.”
Sigal added that NewMark Merrill intends to add one or two more anchors to Lake Meadows and to beef up its marketing strategy.
The undisclosed seller of the property was represented by JLL Capital Market’s investment sales and advisory team, led by managing director Michael Nieder.
"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 surrounding multifamily density create a stable foundation for future growth.”
NewMark Merrill also refinanced Winston Plaza in Melrose Park, Ill. with a new loan with Wells Fargo for long-term debt from Mutual of Omaha for $36 million. It has added more than 100,000 sq. ft. of space at the center, which is anchored by a Cermak supermarket, Ross, Burlington, and an expanded Five Below.
NewMark Merrill owns or manages a portfolio of more than 110 shopping centers comprising some 13 million square feet of retail space.
