By Bob Bong
Chicago Ridge Mall opened in 1981 on the former site of the Starlite Drive-In Theater, which had closed in 1979 after a three-decade run. It was expanded in 1986.
It has had several owners over the years including the Lenhdorff Group, which bought the mall in 1986 and turned around and sold it to JMB Realty a year later. It was owned by the Westfield Group from 2004 to 2012 before it was acquired by Starwood Capital Group.
Last week, the mall was sold again, this time to Florida-based Second Horizon Capital. Financial terms were not disclosed.
The sale came after Miami-based Starwood Capital Group missed a $76 million debt payment on the property last year, according to Crain’s Chicago Business.
Tenants at the 592,000-square-foot property include Dick’s Sporting Goods, Kohl’s, ALDI, and AMC theaters. It is about 80 percent leased.
“Chicago Ridge Mall is already a valued amenity for its community and the surrounding area, which presents an exciting opportunity for our company,” Howard Levine, co-founder and managing partner of Second Horizon Capital, said in a release. “Our objective is to enhance Chicago Ridge Mall as a go-to retail destination and inclusive economic driver for the region.”
Based in Boca Raton, Second Horizon plans to provide "significant incremental investment" to the mall, according to the release. It also noted the company has engaged JLL for ongoing property management and leasing services at facility.
Starwood’s difficulties with Chicago area retail extend beyond Chicago Ridge Mall. It surrendered the Louis Joliet Mall via deed-in-lieu of foreclosure in 2020.
For Second Horizon, Chicago Ridge Mall is the firm’s fourth acquisition, since its founding in 2021, and its first in the Chicago area.
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