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**NewMark Merrill Acquires Lake Meadows Shopping Center in Chicago**
NewMark Merrill Companies, Inc. has acquired Lake Meadows Shopping Center, a 179,106-square-foot, grocery-anchored retail property located on 16 acres at the intersection of South Martin Luther King Drive and East 35th Street in Chicago. The center was purchased from Draper and Kramer.
Lake Meadows Shopping Center features a strong lineup of tenants, including Jewel-Osco, LA Fitness, Foot Locker, CVS Pharmacy, and Citi Trends, among other national, regional, and local retailers.
The transaction was supported by financing efforts from Kostas Kavayiotidis of Pacific Southwest Realty and Bryan Gortikov of Gortikov Enterprises. NewMark Merrill’s Chief Financial Officer Sandra Kist and Vice President of Capital Markets Josh Ginsborg negotiated on behalf of the acquiring company.
The California-based NewMark Merrill plans to invest in the property to enhance its appeal and functionality through upgrades such as improved signage, enhanced lighting, and new gathering spaces.
In a separate move, the company also refinanced Winston Plaza in Melrose Park. They secured a new long-term loan from Mutual of Omaha through Wells Fargo, totaling $36 million. NewMark Merrill originally acquired Winston Plaza in 2008 and has since completed a comprehensive renovation.
With this acquisition, NewMark Merrill now owns eight retail properties in the Chicago region, totaling approximately 1.6 million square feet.
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