Louis Joliet Mall's Sale Cost May Surprise You: Report

JOLIET, IL ? Despite the loss of the Sears and Carson's anchor stores, recent efforts to put the Louis Joliet Mall up for sale with a minimum online auction asking price of $5 million did not scare away commercial real estate investors.

The May 15 online auction attracted a successful purchase from New York based Namdar Realty Group, and the company agreed to pay $31.4 million, according to a recent news report from The Real Deal.

The property includes more than 125 acres and about 940,000 square feet of leasable space near Route 30 and Interstate 55 exit for Joliet and Plainfield.

According to the company's website: "Namdar Realty Group is a privately held, commercial real estate investment firm, owning and managing over 59 million square feet of commercial real estate throughout the United States. Founded in 1999, Namdar started with a single acquisition of a small retail storefront in Long Island, N.Y. ... It is continuing to grow at an unprecedented rate, averaging over 20 acquisitions annually over the last 4 years, consisting primarily of large retail malls, shopping centers, office and medical buildings."

The recent story from The Real Deal indicated Namdar Realty Group's plans to generate more money from the Louis Joliet Mall acquisition were not immediately evident.

The Real Deal noted that in Skokie, as one example, the French redeveloper, Unibail-Rodamco-Westfield, is spending more than $100 million to add at least 350 housing units to the Old Orchard Mall, where a former Bloomingdale?s store is located. To read the entire Louis Joliet Mall article featured in The Real Deal, go here.

Back in January, Patch reported that the empty Sears department store could become a luxury car dealership, but that has yet to happen.

According to the Louis Joliet Mall's website, the following are all the open stores at the moment:

Aeropostale

American Eagle

AT&T

The Athlete's Foot

Auntie Anne's

Banter By Piercing Pagoda

Bath & Body Works

Buckle

Chicago Code

The Children's Place

China Experience

Cinemark

Cinnabon

Claire's

Clark Street Sports

Classy Nails Spa Boutique

Creativ Perfumes

Crypto Dispenders

Daily Thread

Dakota Watch Company

DeWitt's Gourmet Cookies

Dr. Fix

Dry Goods

Express Factory

EyeBrow Shapes

Footlocker

TGI Fridays

Fun Flatables

Game Stop

Gloria Jean's Coffees

GNC Live Well

H&M

Hot Rags

Hot Topic

INS Market

JCPenney

JCPenney Salon

JCPenney Optical

JcPenney Portraits

JD

Journeys

Kay Jewelers

Kids Foot Locker

LensCrafter

Lids

M A Jewelers

Macy's

Maurices

Mucha Salsa Taste of Mexico

Nagoya Japan

Oohh Wee Sweet Tea

Out of Stock

Panda Express

Pandora

Pawany's

Pink Victoria's Secret

Plant Parenthood

Popper's Tea

Protocol Men's Wear

Relax Magic

Rogers & Holland

Royal Jewelers

Rue 21

Rugged Cowboy Western & Work Wear

Saint Vishvas Watch & Jewelry Repair

Savvi Formal Wear

Sbarro

Shoe Dept. Encore

Spencer's

Sprint

Stitch-N-Print

Sunglass Hut

T Mobile

Toe Heaven

Torrid

True Roof

Visionworks

Windsor

Work N Gear

Yankee Candle

Yoh's Frozen Yogurt

Zales The Diamond Store

Zumiez