Second Horizon Capital, a Florida-based investment firm, has acquired Chicago Ridge Mall. The purchase follows the mall’s previous owner, Starwood Capital Group of Miami, defaulting on a $76 million debt payment last year. The financial details of the transaction were not disclosed.
Chicago Ridge Mall spans 592,000 square feet and is home to popular retailers such as Dick’s Sporting Goods Inc., Kohl’s Corp., and AMC Entertainment Holdings Inc. Second Horizon plans to make significant investments in the property and has enlisted JLL for property management and leasing services.
According to Howard Levine, co-founder and managing partner of Second Horizon Capital: “Chicago Ridge Mall is already an esteemed asset for its community and surrounding area. This presents an exciting opportunity for our company.” He added that their goal is to elevate Chicago Ridge Mall as a premier retail destination that drives economic growth in the region.
The sale was announced by Crain’s without mentioning Connect or any related brands.
