US - Lubbock, TX
HK$79,533,000 | 70,479 sf
JLL has been retained as exclusive advisor for the sale of Louis Joliet Mall (the “Mall” or “Property”), a single level super-regional mall located at 3340 Mall Loop Drive in Joliet, Illinois. The Property is situated on ~125.47 acres (~77.06 acres owned) and is comprised of 939,896 square feet (“SF”) of gross leasable area (“GLA”) (323,428 SF, owned) and features an anchor lineup including Macy’s (123,500 SF), JCPenney (151,556 SF), a former Carson’s (128,000 SF, dark) and a former Sears (213,412 SF, dark). All anchors are non-owned and account for approximately 65.6% of total GLA.
Louis Joliet Mall is ideally situated at the heavily traveled intersection of I-55 (74,000 VPD) and Lincoln Highway (34,400 VPD), approximately 2.5 miles east of Route 59 (29,700 VPD).
DESIRABLE TRADE AREA
Louis Joliet Mall features a densely-populated, high income trade area with more than 1.02 million residents living within a 15-mile radius of the Property. Average household incomes within this area are $115,609, 13.2% and 23.4% greater than the metro and state, respectively.
SOLID SALES PRODUCTIVITY
Comparable inline sales for the T-12 period ending February 28, 2023 were $458/SF – a healthy productivity level, reflecting the Property’s strong competitive positioning in the market.
HEALTHY OCCUPANCY COST
Comparable inline occupancy costs were approximately 10.7% for the 12-month period ending February 28, 2023, within the range of acceptable healthy ratios for a regional mall with inline sales in the $450/SF range.
STRONG INLINE OCCUPANCY
The Property’s inline occupancy of 92.2% reflects strong retailer demand for the Property and is indicative of Louis Joliet Mall desirable position in the trade area.