BOURBONNAIS, Ill. – In a strategic move to expand its retail empire, Namdar Realty Group, the owners of Northfield Square Mall, recently acquired the Louis Joliet Mall for a whopping $31.4 million. This acquisition marks the eighth mall under Namdar’s ownership in Illinois, further solidifying their presence in the state.
The Louis Joliet Mall, which first opened its doors in 1978, has seen better days but still maintains a respectable 92% occupancy rate within its core area. Despite the closure of two anchor stores, the mall managed to attract strong interest during the auction, ultimately selling for the impressive price of $31.4 million.
Located in the heart of Joliet’s central business district, the mall enjoys a strategic position surrounded by retail strip centers and popular restaurants. With this acquisition, Namdar Realty Group aims to breathe new life into the shopping center, potentially reshaping Joliet’s retail landscape.
However, Namdar Realty Group has not been without its fair share of challenges. The company has faced lawsuits in the past, dealing with allegations of neglected maintenance issues and questionable management practices.
The purchase of the Louis Joliet Mall follows a pattern of Namdar Realty Group’s efforts to acquire distressed properties and turn them into thriving retail destinations. Similar to their other mall holdings, such as University Mall in Carbondale, Ford City in Chicago, River Oaks in Calumet City, and Stratford Square in Bloomingdale.
