Million-SF Charlestowne Mall Sold
29 Jun, 2010, Rosemont
A California-based investment group has purchased the one-million-square foot real-estate-owned Charlestowne Mall in the Chicago suburb of St. Charles, Illinois, for an undisclosed sum.
Cushman & Wakefield's Dallas Capital Markets Group led by Stephannie Mower along with retail investment sales specialists Tom Salanty and Brandon Beeson represented the seller, Midland Loan Services, Inc., a special servicer appointed on behalf of commercial mortgage holders, with the support of Cushman & Wakefield's Chicago-based brokers, Ken Szady and Jim Carpenter.
The mall, which is anchored by Carson Pirie Scott, Classic Cinemas, Kohl's, Sears and Von Maur, is located on the far eastern edge of St. Charles at the intersection of Kirk Road and North Avenue (IL Route 64).
"This high profile Chicago asset is situated in an affluent demographic and is perfectly located for strategic redevelopment," Mower said.
The new ownership group, fronted by investors Bobby Montanye and Alan Wong, plan to revitalize the mall as they have done previously with other formerly distressed properties on the West Coast.
"There were a number of interested bidders including several well-known Chicago developers," said Mr. Salanty. "However, the Los Angeles-based investment group was the most aggressive in winning the bidding process."
Cushman & Wakefield was contracted to market the property roughly nine months ago. The ability to coordinate cross-discipline support with an international platform was pivotal in the successful close of the asset.
"This is a true testament to the global reach of our Capital Markets platform at Cushman & Wakefield and is a case study in using all of our available resources to put this deal together for our client," said Carpenter.