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Special Servicer Puts Joliet Mall Up for Sale
After the loss of two department stores, the pandemic and an $85-million debt default, the Louis Joliet Mall has hit the sales market, reported Crain’s Chicago Business.
Rialto Capital Advisors, a special servicer that repossessed the Joliet, IL center, hired JLL to sell the 940,000-square-foot property, one of the first local shopping malls to run into loan trouble during the COVID-19 pandemic.
Built in 1978, the mall at one time had four department stores including Carson’s and Sears, both of which have since closed. By October 2020, the owner of the Joliet mall, a joint venture led by Starwood Capital Group, had missed several mortgage payments and had begun negotiating an agreement to step away and hand over the mall to Rialto, avoiding a protracted foreclosure process.
The sale includes only 323,000 square feet of core space, currently 92.2% occupied, Crain’s reported. The department stores are owned separately.
Photo courtesy of JLL.
- ◦Sale/Acquisition
