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Westfield Group Pays $108M for Mall

CHICAGO RIDGE, IL-The 833,449-sf Chicago Ridge shopping mall at 95th Street and Ridgeland Avenue is a likely redevelopment candidate, according to its new Australian-based owner.

By Mark Ruda | Updated on January 10, 2005

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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.

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