StreetMac Asset Managers has joined forces with Five Mile Capital Partners to recapitalise Stratford Square Mall in Bloomingdale, Illinois.
The 1.3 million-square foot mall currently features more than 100 stores and restaurants; a 14-screen cinema complex; and national retail anchors, Macy’s, Sears, Carson Pirie Scott, JCPenney, Kohl’s and Burlington Coat Factory.
This is StreetMac’s third retail mall investment in affiliation with Five Mile Capital Partners following their 2011 joint venture acquisition of the Brazos Mall in Lake Jackson, Texas and Shawnee Mall in Shawnee, Oklahoma.
Previously, an affiliate of Five Mile Capital Partners, through a series of distressed debt purchases, gained control of Stratford Square Mall in November 2011. Following a recapitalisation process, StreetMac joined the transaction as its operating partner with an equity stake in the property alongside Five Mile. StreetMac assumed its management and leasing responsibilities on 1 December 2013.
“Five Mile and StreetMac look forward to maximising Stratford Square Mall’s potential as a premier destination center in Chicago’s northwest suburbs,” says David Jackson, president and chief executive officer of StreetMac Asset Managers. “With its new capitalisation structure and strong geographic demographics, we believe the mall has extraordinary upside potential as an exciting retail shopping, dining and entertainment experience complimented by a strong line-up of national and local tenants.”