|C&W's Dallas capital markets group repped the seller of the the 1M SF REO Charlestowne Mall in St. Charles, Ill, Cushman Dallas investment sales specialist Tom Salanty tells us. He adds, like fish chasing a lure, multiple bidders, including some well-known Chicago developers, put in bids. An LA-based investment group got the bite.
|It sold for an undisclosed cost. The Cushman team repping seller Midland Loan Services was led by Stephannie Mower, with Tom and Brandon Beeson. Chicago-based Ken Szady and Jim Carpenter also supported the deal. The mall is anchored by Carson Pirie Scott, Classic Cinemas, Kohl's, Sears, and Von Maur. The new ownership group, fronted by investors Bobby Montanye and Alan Wong, plans to revitalize the mall as they have done with distressed properties on the West Coast. Stephannie tells us the mall has affluent demographics and is well located for strategic redevelopment. C&W has been marketing the property for about nine months.