An Arlington Heights shopping center that was supposed to be a linchpin for revitalizing the northwest suburb is seeking buyers. Arlington Town Square is being marketed for sale by Mission Capital, on behalf of the property's servicer, Torchlight Loan Services.
How Torchlight became involved with the 137k SF mall is a long story. The CliffsNotes version: Joseph Freed & Associates developed Arlington Town Square and sold it to DBSI in 2007, when pre-Great Recession real estate values were at their peak. DBSI defaulted on a CMBS loan in 2010, just as the firm was accused of running a Ponzi scheme to lure new investors. Torchlight, which oversees the property for the bondholders, and property manager Edgemark Commercial Real Estate slowly turned around the property. It's now 84% leased and was most recently valued at $24M, Crain's reports.
Arlington Town Square is a mix of retail and office space, including a six-screen movie theater. It's a good time to put the property on the market. With Westfield's $1.1B retail portfolio sale last December (which included two suburban malls) still fresh in memory, Arlington Town Square would be a promising long-term investment to the right buyer. [Crain's]
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