NewMark, GMX Acquire 375,000-SF Plaza

MELROSE PARK, IL-A partnership between NewMark Merrill Cos., based in Woodland Hills, CA, and Chicago-based GMX Real Estate Group LLC has acquired the Winston Plaza Shopping Center, 1060 Winston Plaza Dr. A sales price for the 375,000-sf shopping center was not disclosed but the partnership received a $46 million loan from PNC Bank, says Sandy Sigal, president and chief executive officer of NewMark Merrill. The seller was an “individual, locally based,” Sigal says. A cap rate was not disclosed.

Winston Plaza is on a 40 acre parcel at the corner of North Avenue and 9th Avenue, two of the main thoroughfares in Melrose Park. The center was attractive because of its location at a major intersection and across the street from a Target and Jewel Food Store in addition to the center being “surrounded by a great population base, both residential and daytime,” Sigal says. Winston Plaza is also “the largest shopping center in the trade area,” he says.