Northbrook, IL, September 17, 2014 --(PR.com
)-- StreetMac LLC and an affiliate of Five Mile Capital Partners LLC today announced redevelopment plans for the 1.3-million square foot Stratford Square Mall, located in Bloomingdale, Ill., whose anchor tenants include Macy’s, Carson Pirie Scott, Sears, Kohl’s, Burlington Coat Factory and the 16-screen Century Theatre movie complex.
Beginning this fall, the mall’s redevelopment will include:
-- Revamped exterior entrances
-- Two or more new junior anchor tenants
-- Multiple sit-down restaurants, outdoor cafes and streetscape retail
-- New property signage and upgraded finishes
“Our goal is to return Stratford Square back to its regional prominence when it was built more than 30 years ago,” says StreetMac’s Maury Fisher, the former president of JMB Urban, which developed the property in 1981.
To support the mall’s revitalized entertainment options, Round One will open a newly built 40,000-square foot entertainment complex in October featuring bowling, billiards, gaming and karaoke.
“We are excited to open our newest Bowling & Amusement Center at Stratford Square Mall. Our markets are currently in Japan and Los Angeles, and we know Bloomingdale is the perfect Midwest market to launch Round One,” says Shane Kaji, Senior Vice President of Round One Bowling & Amusement.
In addition, Red Robin will remodel its Gourmet Burgers and Brews restaurant concept at Stratford Square later this fall which features interior and outdoor seating, a key component of the mall’s new entrances.
The redevelopment effort will also include revising the mall’s outdoor areas with fire pits, additional seating and new landscaping.
Bloomingdale Mayor Franco Coladipietro commented: “The Village Board wholeheartedly supports this first major step in the reinvention of our regional mall and looks forward to more improvements in the near future.”
StreetMac’s and Five Mile’s efforts follow investments made by the mall’s previous owners who added such upgrades as the Century Theater.
“Our new improvements will further capitalize on the Bloomingdale area’s strong demographics and its ranking as one of metropolitan Chicago’s top Core Market Mall Areas in Retail Sales,” says StreetMac President and Chief Executive Officer David Jackson. “We believe Stratford Square has extraordinary upside potential as an exciting retail shopping, dining and entertainment experience complimented by a strong line-up of national and local tenants.”
Based in Northbrook, Ill., StreetMac (www.streetmac.net) is a nationwide owner, leasing agent and manager that renovates and repositions enclosed regional malls. The company consists of seasoned, industry leaders who provide tenants, shoppers and the community with a commitment to success and excellence.
Five Mile Capital Partners LLC
Established in 2003 with headquarters in Stamford, Conn., and an office in New York City, Five Mile Capital Partners LLC is an alternative investment and asset management company with approximately $2 billion in assets under management. The firm's principals have significant experience, knowledge and skills relevant to the real estate and financial industries, and specialize in investment opportunities in asset-based lending, real estate, debt products, structured finance, financial services and private equity.