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 Realty Group acquired the Joliet mall for $31.4 million in June, according to records at the Will County Recorder of Deeds. The company based in Great Neck, New York, acquired Louis Joliet Mall in an internet auction sale, a reflection of the challenges facing indoor shopping malls.
"The mall was an economic engine for our community from its very beginning, but vacancies have continued to climb and it no longer represents an attractive or financially viable asset to the community," the village said in a statement posted on its website last year as it laid out concept plans for redevelopment of the Stratford Square site.
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. There are 11 vacant spots, not including the anchor stores, which are owned separately. That also could be said for Namdar-owned Northfield Square Mall in Bourbonnais, which is largely empty except for local businesses and a handful of brand-name retailers inside the mall, while big-box stores, restaurants and hotels thrive outside of it.
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