Starwood Sells Chicago Ridge Mall to Second Horizon Capital

Chicago Ridge Mall has been acquired by Second Horizon Capital, a Florida-based investment firm. The transaction comes after the mall’s previous owner, Miami-based Starwood Capital Group, missed a $76 million debt payment on the property last year, according to Crain’s. Financial terms were not disclosed.

Tenants at the 592,000-square-foot property in Chicago Ridge include Dick’s Sporting Goods Inc., Kohl’s Corp. and AMC Entertainment Holdings Inc. Second Horizon plans to provide “significant incremental investment” to the mall, and the firm has engaged JLL for ongoing property management and leasing services at Chicago Ridge Mall.

“Chicago Ridge Mall is already a valued amenity for its community and the surrounding area, which presents an exciting opportunity for our company,” said Howard Levine, co-founder and managing partner of Second Horizon Capital, in a statement. “Our objective is to enhance Chicago Ridge Mall as a go-to retail destination and inclusive economic driver for the region.”