Bourbonnais Mall Owners Acquire Joliet Mall, Expanding Portfolio

Date:

Share post:

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related articles

Quad Cities, Iowa Weather Alert: Storms Possible North of Highway 30, 90s on Sunday

Quad Cities, Iowa – Warm weather is expected through Saturday in the Quad Cities area, but hot and...

Green Bay, WI – Mild Weekend Temperatures to Escalate into Strong Storms by Sunday

Green Bay, WI - Residents are set to experience a weather rollercoaster this weekend. The US National Weather...

Missouri Heat Alert: Sunday’s Scorching Temperatures to Peak in St. Louis and Kansas City

St. Louis, MO - Missouri is bracing for a significant heat wave this weekend, with Sunday expected to...

Extreme Heat Alert: Nebraska and Iowa to Face Heat Index Near 100° Early Next Week

Omaha, NE - Residents of Nebraska and Iowa should prepare for extreme heat this weekend, with the heat...