Bolingbrook's Promenade Open-Air Shopping Center Under New Ownership

BOLINGBROOK, IL — The location of a Bolingbrook shopping center located in a growing southwestern suburban area made it appealing to its new owners which have taken over operations of the retail hub.

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

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

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

“We were attracted to The Promenade Bolingbrook because of its strong anchor tenants and its location in this growing southwest suburban retail node. “The Promenade offers significant opportunity for redevelopment and strategic leasing to solidify its position as the area’s premier regional shopping, dining, and entertainment destination.”

The 779,000 square foot Promenade includes more than 60 stores and shops and includes anchor retailers in DSW, Macy’s, Bass Pro Shoppe, Barnes and Noble, and H&M.

The published report indicated that Star Cinema Grill, a Houston-based dine-in movie theater, had signed a 15-year lease agreement to take over the space previously operated at the shopping center by a shuttered iPic movie theater.