Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JOLIET, IL-Westfield America Trust has agreed to pay $92.5 million for the Louis Joliet Mall, which it plans to rename Westfield Shoppingtown Louis Joliet following an expected closing before the end of 2003. The Australian shopping center owner says it is buying the 919,800-sf mall from Blackstone Group at an 8.1% yield.

The acquisition will become the seventh Westfield Shoppingtown in the Chicago area market—Fox Valley in Aurora, North Bridge in Chicago, Old Orchard in Skokie, Hawthorn in Vernon Hills and Southlake in Hobart, IN.

Marshall Field’s, Carson Pirie Scott, JCPenney and Sears are the anchors of the mall, which was built in 1978 and underwent a renovation in 1995.

While total sales at Louis Joliet Mall averaged $186 psf last year, Westfield America Trust officials note the figure jumps to $326 psf when the results of the 102 specialty stores are considered alone.

Westfield America Trust managing director Peter Lowy points to a projected 17% growth in the area’s population to 511,000 as a motivation.

“With the market’s explosive growth potential, the property also offers both short and long-term redevelopment opportunities,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.