Following the closure of two department stores, the Louis Joliet Mall has been put up for sale in light of an $85-million debt default and pandemic related issues. JLL was hired by Rialto Capital Advisors, a special servicer that repossessed the Joliet, IL center to market this 940,000-square-foot property.
Built in 1978 and once home to four department stores including Carson’s and Sears (both now closed), Starwood Capital Group led joint venture had begun negotiations with Rialto to step away from ownership by October 2020 due to missed mortgage payments. The sale includes 323,000 square feet of core space which is currently 92.2% occupied; while separate ownerships are retained for former department store spaces. Photo courtesy of JLL .
