Winston Plaza is on a 40 acre parcel at the corner of NorthAvenue and 9th Avenue, two of the main thoroughfares in MelrosePark. The center was attractive because of its location at a majorintersection and across the street from a Target and Jewel FoodStore in addition to the center being "surrounded by a greatpopulation base, both residential and daytime," Sigal says. WinstonPlaza is also "the largest shopping center in the trade area," hesays.

The shopping center is currently 98.6% occupied. Major occupantsinclude Best Buy, Office Max, Foot Locker, Bally's Health &Fitness, Marshall's, Dollar Tree and the International House ofPancakes. NewMark Merrill plans to redevelop the center, whichSigal says he believes was constructed in the early to mid-1950swith some additional space and pads were constructed in the 1980s,and, since then, not much was done to it," he says. Short-termrenovations will include cleaning the building and repairs to theroof, lighting, walkway and asphalt. Signage will also be improved.Longer-term renovations will include exterior remodeling and someadditional pads constructed, Sigal says. "It just needs to beupdated, refreshed, some tenants right-sized and some additionaltenants brought in," he says. The cost of the redevelopment isestimated to cost between $6 million and $8 million and is expectedto take between three to five years to complete, Sigal tellsGlobeSt.com.

The majority of shopping centers that NewMark Merrill owns arelocated in California. The company owns 40 centers in Californiaand three in Colorado. The purchase of Winston Plaza is the secondChicagoland acquisition for NewMark Merrill. "We looked at themarket and saw that there was some potential based on thedemographics, the prices that are over there and the tenants thatare available in that market," he says. Last year, NewMark Merrilland GMX Real Estate also acquired the Stratford Crossing ShoppingCenter in Bloomingdale, IL. The 358,385-sf shopping center wasacquired for $48.7 million, according to NewMark Merrill'swebsite.