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Bolingbrook Promenade is for sale

Rex Robinson | 8/21/2013, 4:35 p.m. | Updated on 8/23/2013, 2:15 p.m.
Forest City Enterprise, the company that owns the Promenade shopping mall in Bolingbrook has put the mall up for sale ...
Tom Castagnoli, general manger of the Promenade in Bolingbrook, confirmed Wednesday the mall is for sale.

Forest City Enterprise, the company that owns the Promenade shopping mall in Bolingbrook has put the mall up for sale for an asking price of more than $100 million, the Promenade’s General Manager Tom Castagnoli confirmed Wednesday.

Castagnoli, however, downplayed the issue and said it was not uncommon.

“Everyone’s making a big deal out of this and it’s really not,” he said. “My bosses are real estate developers. If they can sell this property at the right price, they will.”

Forest City, according to Castagnoli, is “testing the water to see if they can get their asking price.

He added that it is by no means a fire sale. The mall is more than 90 percent leased, which is very good for a shopping mall, Castagnoli said.

“We’re doing just fine,” he said.

The mall is being listed by Cushman & Wakefield, Chicago-based commercial real estate brokers.

Reader poll

Out of the four choices given, which store do you like shopping at most when visiting the Promenade Bolingbrook?

  • Coldwater Creek 50%
  • Macy's 50%
  • Lane Bryant 0%
  • Bath & Body Works 0%

2 total votes.

“It’s a very strategic location off of Interstate 355,” Evan Halkias, senior director with Cushman & Wakefield, said. “It’s a destination location where you have retail, entertainment and restaurants all in one place. It’s an asset that just continues to improve.”

Halkias said he is confident he will find some potential buyers with interest in the property.

The Promenade opened in April 2007.