A joint venture has paid an undisclosed amount for the 375,000-square-foot Winston Plaza Shopping Center in Melrose Park, Ill., and has begun planning an immediate redevelopment program.
The acquisition, made in partnership with Chicago-based GMX Real Estate Group LLC and California-based NewMark Merrill Cos., is NewMark’s second venture in Illinois.
Located at the southwest corner of North and Ninth avenues, Winston Plaza was 98.6 percent occupied at the time of sale, and is home to retailers such as Best Buy, Office Max, Foot Locker, Bally’s Health & Fitness, Marshall’s, Dollar Tree, IHOP and a number of other popular regional and local tenants.
“Winston Plaza is so well-known in Chicago’s retail community that we jumped at the chance to acquire it,” Sandy Sigal, president and CEO of NewMark Merrill, said in a press statement.
Winston Plaza is conveniently located between interstates 290 and 294, along one of the busiest retail corridors in the Chicagoland area and draws from a population of more than 200,000 people in the immediate trade.
Among the redevelopment initiatives are new facades, pedestrian amenities and signage, according to the statement.
