Second Horizon Capital Acquires Chicago Ridge Mall From Starwood Capital Group And Westfield Group For $64.3M | 444 Ridgeland Avenue | Retail | Sale

Summary

Sale

ILLINOIS

Retail

Located at 444 Ridgeland Avenue in Chicago Ridge, the asset involved in the transaction is a retail property known as Chicago Ridge Mall. The sale price for this property was $64,300,000.

Summary of transaction details:

Property Type: Retail
Transaction Amount: $64,300,000
Buyer: Howard Levine - Second Horizon Capital
Seller: Barry Sternlicht - Starwood Capital Group; Westfield Group

Howard Levine of Second Horizon Capital purchased Chicago Ridge Mall for $64.3 million from a venture of Starwood Capital Group and Westfield Group. Following financial struggles related to a distressed loan in a CMBS trust, Second Horizon aims to revitalize the property as a retail hub. JLL has been hired to manage and lease the mall as part of the plan to emphasize community engagement and investment.

Details

Deal Summary

SOLD

IMAGE: Howard Levine & Barry Sternlicht DATE: 03/19/2024 ADDRESS: 444 Ridgeland Avenue MARKET: Chicago Ridge ASSET TYPE: Retail BUYER: Howard Levine - Second Horizon Capital SELLER: Barry Sternlicht (@Fourseasonsresortresidences) - Starwood Capital Group; Westfield Group SALE PRICE: $64,300,000 NOTE: Second Horizon Capital acquired Chicago Ridge Mall for $64.3 million from a venture of Starwood Capital Group and Westfield Group, following financial struggles tied to a distressed loan in a CMBS trust. With plans to revitalize the property as a retail hub, Second Horizon emphasizes community engagement and investment, hiring JLL to manage and lease the mall.

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Address444 Ridgeland Avenue

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