Shopping center

Bolingbrook’s Promenade outdoor shopping center under new ownership

BOLINGBROOK, IL – A Bolingbrook Mall’s location in a growing southwestern suburb has made it attractive to its new owners who have taken over mall operations.

Chicago-based M&J Wikow recently announced that it has taken over ownership of the Promenade in a joint effort with Northbrook-based Bixby Bridge Capital. The two groups said they have taken over the outdoor mall, which includes a number of strong retail tenants off Interstate 355 at Boughton Road.

Crain’s Chicago Business, citing a source, said the two groups had paid $30 million for the $60 million loan on the property which had been put up for sale by New York-based Union Bank. Ownership of the mall was previously owned by Starwood Capital Group and the property was acquired under a deed-in-lieu foreclosure agreement, Crain reported.

“We are thrilled to add a business asset of this caliber to our portfolio and expand our relationship with Bixby Bridge Capital,” said John Wiechart, senior vice president of acquisitions and asset management at M&J Wilkow, in a statement released by the company.

“We were attracted to the Promenade Bolingbrook because of its strong anchor tenants and its location in this growing southwestern suburban commercial node. “The Promenade offers a significant redevelopment and strategic leasing opportunity to solidify its position as a first store, place of entertainment.”

The 779,000 square foot promenade features more than 60 stores and boutiques and includes flagship retailers in DSW, Macy’s, Bass Pro Shoppe, Barnes and Noble and H&M.

The released report said Star Cinema Grill, a Houston-based movie theater and restaurant, had signed a 15-year lease to take over space previously operated in the mall by a shuttered iPic theater.