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CHICAGO RIDGE, IL-The 833,449-sf Chicago Ridge shopping mall has been acquired by Australian-based Westfield Group for $108 million. The one-story retail center at 95th Street and Ridgeland Avenue, sold by a New York City-based partnership, becomes Westfield Shoppingtown Chicago Ridge, the seventh asset in the market owned by the Australian retail giant, which expects an 8% return on its investment.
Carson Pirie Scott, Sears and Kohl's anchor the center, built in 1981 and expanded twice within its first seven years. Its most recent renovation was last year. However, Westfield Group managing director Peter Lowy indicates the mall could undergo redevelopment during his company's ownership.
Sales at Chicago Ridge averaged $223 per sf in 2003, although specialty store sales were $379 per sf, according to Westfield Group. The shopping center's trade area has an average household income of $61,000.
The deal is already the second this year involving a suburban shopping mall. Last week, Feldman Mall Properties of Great Neck, NY paid $93.1 million for the 500,000 sf of non-anchor space at Stratford Square Mall in Bloomingdale, where sales were $275 per sf in 2003, despite an average household income in its trade area of $86,000.
Meanwhile, an 86,800-sf center in the shadow of Westfield Shoppingtown Fox Valley in Aurora, Plaza Square at Fox Valley, has changed hands. The 21-year-old center at 4006-66 Fox Valley Center Dr. is anchored by Sears Parts & Service, Travel and Transport, Interiors Etc. and New Life Baptist Church.
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