3340 Mall Loop Dr, Joliet, IL, 60431, US

Louis Joilet Mall

Asset description

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.

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Attributes

Building area Gross

982,859 sf

Occupancy

72.30%

Year built

1978/2000

NOI

$5,400,000

Media

Investment highlights

EXCELLENT LOCATION

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.