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.
Jersey Mike’s celebrates 14th annual Month of Giving
Boys & Girls Clubs of Chicago and the Chicago Blackhawks Foundation are joining forces with Jersey Mike’s Subs locations in the Chicago area for the 14th annual March Month of Giving campaign to support local charities.
During the month of March, customers will have the option to round up their purchase to the nearest dollar or donate $1, $3, or $5 when placing their order.
The Month of Giving campaign will culminate with Jersey Mike’s Day of Giving on Wednesday, March 27, when local Jersey Mike’s restaurants will give 100 percent of the day’s sales – not just profit – to Boys & Girls Clubs of Chicago and the Chicago Blackhawks Foundation.
On Day of Giving, local Jersey Mike’s owners and operators throughout the country will donate their resources and every single dollar that comes in — whether in-store, online or through the app — to more than 200 different charities including hospitals, youth organizations, food banks and more.
This March, Jersey Mike’s hopes to exceed last year’s record-breaking national fundraising total of $21 million and help local charities striving to fulfill their missions and make a difference.
“I would like to extend a personal invitation to you and your family to visit Jersey Mike’s Subs throughout the month of March, and especially on Day of Giving when 100 percent of sales – every penny – goes to help a great local cause,” said Peter Cancro, Jersey Mike’s founder and CEO, who started the company when he was only 17 years old.
Since Month of Giving began in 2011, Jersey Mike’s has raised more than $88 million for local charities.
Participating locations are in Chicago, Crestwood, Flossmoor, Frankfort, Homer Glen, Lockport, New Lenox, Oak Lawn, Orland Park, Palos Heights and Tinley Park.
If you see a new business in town or wonder what happened to an old favorite, drop me a line at bobbong@hotmail.com.