Oct
17

Woodfield Mall May Sell for $500 Million

October 17, 2012

woodfield mall may sell The biggest mall in the Chicago area and the ninth largest in the nation may soon be purchased for $500 million. The California Public Employees’ Retirement System (CalPERS) is in talks to purchase the Woodfield Mall, located in Schaumburg, Ill.

If the deal is finalized, it may be one of the most expensive shopping mall acquisitions of the past decade. CalPERS already owns 50 percent of Woodfield, but now wants to take over the entire mall.

So why is this deal important? If finalized, it would be a good sign for retail estate owners that retail real estate is beginning to pick up after the consumer spending cutback that took place during the recession. CalPERS believes that the ownership of Woodfield will provide a reliable return, since Woodfield is 97 percent leased and averages about 27 million visitors each year.

The CalPERS deal would value the mall at around $1 billion.

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