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Louis Joliet Mall Acquired by Namdar for $31M
Namdar Realty Group recently acquired the Louis Joliet Mall for $31.4 million. The new owner of Louis Joliet Mall has been buying malls around the country for the past 10 years, including several in Chicago and its suburbs. Namdar owns 63 shopping malls, including four in the Chicago area that suffer from high vacancy rates: Ford City in Chicago, River Oaks in Calumet City, Northfield Square in Bourbonnais, and Stratford Square in Bloomingdale.
Louis Joliet Mall opened in 1978, and the 940,000-square-foot property at 3340 Mall Loop Drive has just two department store tenants today, Macy’s and JCPenney. That’s down from four in 2018, including former Sears and Carson Pirie Scott stores.
The core area of the mall, which is what Namdar bought, is 92% occupied, according to the property specifications posted in the online auction sale. Louis Joliet Mall is in a central business district of the city and is surrounded by retail strip centers and restaurants. In addition to its shopping malls, Namdar owns 48 open-air shopping centers.
