Joliet Mall For Sale: Special Servicer Offering Property

Following the closure of two department stores, an $85-million debt default and the onset of the pandemic, Rialto Capital Advisors has put Louis Joliet Mall on sale. The special servicer repossessed this 940,000-square-foot property in Joliet IL after its joint venture led by Starwood Capital Group missed several mortgage payments.
JLL was hired to market this shopping mall that was built in 1978 and once had four department stores including Carson’s and Sears (both now closed). The sale includes only 323,000 square feet of core space which is currently 92.2% occupied according to Crain’s Chicago Business . Department stores are owned separately from this transaction. Photo courtesy of JLL.