KennMar plans renovations for recently purchased mall
An Indiana real estate company plans to renovate the nearly empty suburban mall it bought in Lincolnshire.
KennMar President and CEO Brent Benge said the company’s plans include updating the facade of the 79,000 square foot mall, which is 33% occupied, the Chicago Business Journal reported. Benge said the company also plans to renovate vacant stores. The purchase price was not disclosed.
The property in the northern suburbs has leases with tenants including FedEx, Advanced Dermatology, Michal’s Imports, Get It Straight Orthodontics, Liquid Fusion, Roosters, Chipy Cafe, Eyesee Optical, LeBeau Nails and Spa, and Skinfo.
Less than 20 miles away in South Barrington, a company run by Rick Heidner bought the delinquent $67 million loan on the 480,000 square foot Arboretum mall in June. Heidner’s company seized ownership of Starwood Capital by buying the debt from lender UnionBank.
Malls in the southern suburbs of Chicago have also changed hands recently.
Irvine, Calif., Sperry Equities has purchased the 113,000 square foot The Landings shopping center in Bolingbrook for an undisclosed price. Starwood Capital has managed to retain a mall it owns in Chicago Ridge. A Starwood company has negotiated a loan modification to allow it to keep the 868,000 square foot Chicago Ridge Mall, whose $80 million mortgage was due to expire earlier this month.
In Chicago proper, Newport Capital Partners purchased Elston Logan Plaza at 2731 North Elston Avenue, just north of Bucktown and Interstate 90, from Novak Construction for $29 million. The 56,000 square foot mall is anchored by HomeGoods and David’s Bridal.
Benge said construction of the CityPark mall is expected to start in August.