AUGUST THE BUGLE
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Our Community, Our News
AUGUST 29, 2013
Vol. 7 No. 7
Promenade of Bolingbrook up for sale By Laura Katauskas Staff Reporter
Beckoning shoppers from throughout the western suburbs, The Promenade of Bolingbrook, located off of Boughton Road and Interstate 355, is up for sale, placing itself in a unique market. “We were informed that they would be selling, but who owns the center shouldn’t have any impact on the local tenants or the village,” said Village Attorney Jim Boan. Owned by Forest City Management Inc., the Promenade, the outdoor shopping center, is home to some 76 specialty retailers, Pro Bass Shops, iPic Theaters, various upscale restaurants and entertainment.The Macy’s store is not part of the sale, as it is a sub anchor and operated on its own property. “Our strategic focus as a company is continuing to improve our balance sheet (property sales help us do that) and investing in new opportunities in a limited number of core markets,” said Jeff Linton, Senior Vice President, Corporate Communication for Forest City Enterprises.
lAurA KATAuSKAS/STAff rePOrTer
The Promenade of Bolingbrook, located off of Boughton Road and Interstate 355, is up for sale.
“Bolingbrook is a fine market with good demographics. The mall has shown solid growth for us, and we’re confident it will continue to grow and be an important asset for the community under potential new ownership.” Forest City has opted to sell the approximate 770,000 –square-foot property, listing it with Realtor Cushman and
Wakefield Chicago as an unpriced retail town center. “There are few trophy assets like this on the market, and we expect a lot of investor interest,” said Evan Halkias, senior director of Cushman and Wakefield. Halkias said the property is seen as a unique asset with a lot of value that has been trending positively the last few years. “In the event that there is
a sale to a new owner, it will be business as usual for our shoppers and guests.While the property is being marketed to potential buyers,The Promenade will continue to grown and enhance its exciting mix of sales promotions, family events, and shopping and dining options,” reported the management of The Promenade in a press release. The retail center is 91 percent
occupied, leaving added value in leasing space for potential buyers, suggesting an impressive net growth, said Halkias. The property was opened in 2007 at a total cost of $152 million. Since then, a number of outparcels have been sold, said Linton. The current asking price is yet to be determined and will be market driven, said Halkias.