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Promenade Bolingbrook sale to close next month

Rex Robinson | 3/26/2014, 8:27 a.m. | Updated on 3/26/2014, 10:30 a.m.
Forest City Enterprises is set to close in April on the sale of the Promenade Bolingbrook Shopping Center at Boughton ...
The Promenade Bolingbrook shopping mall is being sold to a Chicago subsidiary of an equity firm based in Greenwich, Conn.

Forest City Enterprises is set to close in April on the sale of the Promenade Bolingbrook Shopping Center at Boughton Road and Interstate 355 for more than $80 million to Starwood Retail Partners.

Starwood Retail Partners is a Chicago-based subsidiary of a Greenwich, Conn.-based private equity firm. There are no immediate plans to change the way the 628,995-square-foot mall currently operates.

“Starwood is a great company with a great reputation. I don’t see anything changing going forward,” the shopping center’s General Manager Tom Castagnoli said.

Forest City Enterprises announced back in August 2013 of its plans to put the mall up for sale for an asking price of more than $100 million.

At the time, Castagnoli said it was not uncommon for real estate developers of large shopping malls to seek out investors and sell their holdings.

“My bosses are real estate developers,” Castagnoli said. “If they can sell this property at the right price, they will.”

The price offered by Starwood is less than the original asking price. Castagnoli said he did not know details of the negotiated sale price, but told The Times Weekly previously that any proposed sale would be by no means a “fire sale.” The mall is more than 90 percent leased, which is very good for a shopping mall, Castagnoli said.

The Promenade Bolingbrook opened in April 2007.