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Realty America Signs Retailers to $115M Mall

MATTESON, IL-Part of Lincoln Mall has been demolished and a power center, called Promenade at Lincoln Mall, is emerging.

By Gina Kenny | Updated on June 27, 2007

MATTESON, IL-JCPenney will return to the mall it left seven years ago and be an anchor for the new Promenade at Lincoln Mall power center. The 360,000-sf power center is part of a $115-million redevelopment of Lincoln Mall, at the southeast corner of Lincoln Highway and Cicero Avenue.

JCPenney has purchased a 10.7-acre site and is constructing a new store. The sales price was not disclosed. The mall is owned by Realty America Group, based in Dallas, and is managed by Jones Lang LaSalle Retail. Steve Swanson and Adam Cody, both of Staubach, represented JCPenney in the transaction. Senior vice president Leonard Richards represented Jones Lang LaSalle Retail.

The mall is currently nearly 75% leased, Richards says. The anchors will be Carson Pirie Scott, JCPenney, Sears and Target. Other major tenants include Old Navy, Express and Foot Locker. Richards would not disclose asking lease rates for the mall or power center. The 989,000-sf mall opened in 1973 as a joint venture of the four anchors: JCPenney, Wieboldt’s, Montgomery Wards and Carson Pirie Scott, says Leonard Richards, senior vice president of Jones Lang LaSalle Retail. The mall lost some of its shoppers as Orland Square Mall, in Orland Park, and River Oaks Center, in Calumet City, opened.

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