Westfield Group expands portfolio in Chicago Illinois
10 January 2005
Countries: United States
Westfield today announced that it has acquired a 100% interest in the Chicago Ridge shopping centre in Chicago Ridge, Illinois, a suburb of Chicago, for US$108 million at a yield of 8.0%.
The mall is a 833,449 square foot regional shopping centre anchored by Carson Pirie Scott, Sears and Kohls, with Bed, Bath & Beyond, Steve & Barrys, Michaels, a Lowes Theater and approximately 140 specialty shops.
The single-level centre originally opened in 1981, was expanded in 1984 and 1988, and renovated in 1993 and 2004. Total sales for 2003 were approximately US$186 million with specialty store sales productivity at approximately US$379 per square foot.
Chicago Ridge serves a primary trade area of over 339,600 people with average household incomes of more than US$61,000.
Chicago Ridge provides an excellent geographic fit with our Chicago cluster and offers both short and long-term redevelopment opportunities, said Managing Director Peter Lowy.
The centre will be branded Westfield Shoppingtown Chicago Ridge, and increases Westfields market presence to seven regional centres in the greater Chicago cluster and 67 in the U.S. Westfield’s other portfolio holdings in the Chicago market cluster include Westfield North Bridge in Chicago, Fox Valley in Aurora, Hawthorn in Vernon Hills, Louis Joliet in Joliet, Old Orchard in Skokie and Southlake in Hobart, Indiana.
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The Westfield Group is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing in excess of 4,000 staff worldwide.
Westfieldhas investment interests in 127 shopping centres in four countries (US, Australia, New Zealand and UK), with a total value in excess of A$39.5 billion and is the largest retail property group in the world by equity market capitalisation.