Namdar Realty Group recently acquired the Louis Joliet Mall for $31.4 million, marking their tenth year of buying malls around the country, including several in Chicago and its suburbs. With 63 shopping malls now under their ownership—four of which are located in the Chicago area and suffer from high vacancy rates—Louis Joliet Mall is a welcome addition to Namdar’s portfolio.
Opened in 1978, Louis Joliet Mall offers 940,000-square-feet at 3340 Mall Loop Drive with two department store tenants: Macy’s and JCPenney; down from four just two years ago when Sears and Carson Pirie Scott stores were still present. The core area of this mall is 92% occupied according to property specifications posted online during its auction sale period. Located within a central business district surrounded by retail strip centers and restaurants alike, this acquisition adds another 48 open-air shopping centers to Namdar’s collection as well as an additional mall property that will help strengthen their presence across Chicagoland even further than before!
