Chicago-area Mall Sold for $196 Million

According to Globest.com, suburban Chicago shopping mall The Yorktown Center was recently sold for $196 million. Located in Lombard, Illinois, the mall was once the largest mall in the country, and despite undergoing many changes since its opening in 1968, remains a popular Chicago-area shopping destination. The property was sold by the family of Ed Pehrson, who built the mall. It was purchased by two investment companies – Kohlberg Kravis Roberts & Co. LP out of New York City, and YTC Pacific from El Segundo, California.

The Yorktown Center includes a 500-room Westin hotel, several restaurants, and a revamped Shops on Butterfield lifestyle center. Other popular tenants include Victoria’s Secret, JCPenney, American Eagle, the Gap, and AMC Theaters.

Chicago-area Mall Sold for $196 MillionThe new owners are planning for numerous improvements, including upgrading the  lighting, signage, entrances and food court. Ralph Rosenberg, a member of Kohlberg Kravis Roberts & Co. LLP said that their long-term goals for the Chicago property include improving the tenant and merchandising mix, ultimately benefiting the local community and economy.

Chicago commercial property sales can be extremely complex and require the assistance of an top Naperville business attorney. When millions of dollars are at stake, those buying or selling a business in Chicago need a strong negotiator on their side. Not every Naperville, Illinois business lawyer has the experience necessary to handle large-scale commercial business transactions. Denise Gierach and The Gierach Law Firm’s knowledgeable Naperville business attorneys provide competent representation in all types of business law issues, including buying and selling a business, business tax planning, and business succession planning.