California investment firm acquires Charlestown Mall

June 30, 2010  |  Staff Writer  |  Print Article  |  Email this Article

A California-based investment group has purchased the one-million-square foot real-estate-owned Charlestowne Mall in the Chicago suburb of St. Charles, Ill., for an undisclosed sum.

Cushman & Wakefield’s Dallas Capital Markets Group led by Stephannie Mower along with retail investment sales specialists Tom Salanty and Brandon Beeson represented the seller, Midland Loan Services, Inc., a special servicer appointed on behalf of commercial mortgage holders, with the support of Cushman &Wakefield’s Chicago-based brokers, Ken Szady and Jim Carpenter.

The mall, which is anchored by Carson Pirie Scott, Classic Cinemas, Kohl’s, Sears and Von Maur, is located on the far eastern edge of St. Charles at the intersection of Kirk Road and North Avenue (IL Route 64).

The new ownership group, fronted by investors Bobby Montanye and Alan Wong, plan to revitalize the mall as they have done previously with other formerly distressed properties on the West Coast.

“There were a number of interested bidders including several well-known Chicago developers,” said Mr. Salanty. “However, the Los Angeles-based investment group was the most aggressive in winning the bidding process.”

Cushman & Wakefield was contracted to market the property roughly nine months ago. The ability to coordinate cross-discipline support with an international platform was pivotal in the successful close of the asset.

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8 Responses to “California investment firm acquires Charlestown Mall”

  1. LEE WILSON says:

    I WOULD LIKE TO SEE AVAILABLE ELECTRIC SHOPPING CARTS DUE TO H/C CONDITION. I THINK IT WOULD INCREASE YOUR BUSINESS IN THE MALL.

  2. Customer says:

    I think anything at this point would increase business in this dying mall

  3. alexis says:

    This is really sad what is happening to this mall… It used to be such a great mall and now it is so sad to see what is happening. Recently the Aeropostale closed and the Sears is closing in mid-March. Please SOS Alan Wong, Bobby Montanye, and Darryl Wong!

  4. Jeff says:

    This is a great property but no one seems to have any idea what to do with it. Any creativity to draw people in seems to be seriously lacking by the new owners.

    Why don’t they problem solve with the people of the community who may have a multitude of ideas. Perhaps this could motivate them!

    Some form of mini “outlet mall” may fly but the community must have some input as it’s our money we’ll be spending.

    They must find a “niche” to be uniquely successful!

  5. Sarah says:

    They should put a venue in there for large events like concerts etc.

  6. James says:

    There is such a large base of kids and teenagers in the St. Charles area, opening this mall was a great idea. Looking at it now the same could not be said as the majority (80% or potentially higher) of the stores have been closed. Most of the empty stores are now display cases for advertisements for those who are still in business. It’s a shame but I’m hoping these Californians fix the problem at hand and restore this mall because the money is there and it could be profitable. Nobody goes there anymore because of lack of stores and things to do and my friends and I run around the place like it’s a giant playground, because essentially with the poor security at the place, it is. If they could just knock down a couple solid stores I know the place would be interesting again and it could restore it’s name but we’ll have to see about that.

  7. David Nelsen says:

    I think a great idea for the mall would be to have the Kane county flea market there December through February. I know I would go.

  8. Mall currently operates as an goal of Sunday trips, its more like a entertainment center, parents can take a break with coffee during kids are playing on playground. Its sad to see how many Family`s spending weekend like that.


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