Northbrook, IL, December 06, 2013 --(PR.com
)-- StreetMac Asset Managers, LLC, a Northbrook, Ill. asset and operational management firm, announced it has joined forces with Five Mile Capital Partners LLC on Stratford Square Mall in Bloomingdale, Ill.
The 1.3 million-square foot mall currently features more than 100 stores and restaurants; a 14-screen cinema complex; and national retail anchors, Macy’s, Sears, Carson Pirie Scott, JCPenney, Kohl’s and Burlington Coat Factory. This is StreetMac’s third retail mall investment in affiliation with Five Mile Capital Partners following their 2011 joint venture acquisition of the Brazos Mall in Lake Jackson, Tex. and Shawnee Mall in Shawnee, Okla.
Previously, an affiliate of Five Mile Capital Partners, through a series of distressed debt purchases, gained control of Stratford Square Mall in November 2011. Following a recapitalization process, StreetMac joined the transaction as its operating partner with an equity stake in the property alongside Five Mile. StreetMac assumed its management and leasing responsibilities on December 1, 2013.
“Five Mile and StreetMac look forward to maximizing Stratford Square Mall’s potential as a premier destination center in Chicago’s northwest suburbs,” David Jackson, president and chief executive officer of StreetMac Asset Managers, comments. “With its new capitalization structure and strong geographic demographics, we believe the mall has extraordinary upside potential as an exciting retail shopping, dining and entertainment experience complimented by a strong line-up of national and local tenants.”
StreetMac Asset Managers, LLC
Based in Northbrook, Ill., StreetMac Asset Managers is an affiliate of StreetMac, LLC (www.streetmac.net), which was founded in 2007 to create and bring new financial products to the commercial real estate marketplace. StreetMac Asset Managers acquires and operates retail properties, and acts as an advisor to major national entities for acquiring mortgage notes and real estate.
StreetMac acquires and operates retail properties and malls nationwide whose operational performance suffered following the recent economic crisis and recession. Its operational strategies focus on strengthening each property, optimizing the merchandise plan, and executing through its highly experienced leasing and management team while working closely with on-site personnel to increase customer traffic, enhance shopping and entertainment experiences, and attract new tenants for sustained retail growth.
Five Mile Capital Partners LLC
Five Mile Capital Partners (“Five Mile”) was established in 2003 as an alternative investment management company with a primary focus on both commercial real estate debt and equity, with over $2 billion of assets under management. Five Mile’s investment experience is deeply rooted in commercial real estate with an emphasis on debt, distressed debt, rescue capital, workouts, restructures and capital markets.