The Quad 1,000,000 SF | St. Charles, IL
The Quad is a 1,000,000-square-foot mall located approximately one hour west of downtown Chicago.
The mall was completed in 1991 and struggled to get its occupancy over 80%. During the Great Recession, it was foreclosed on by Midland Loan Servicing. It was in special servicing for several years and lost almost all of its in-line tenants. It was purchased by a Chinese investor who sold it to an investor group out of California. At the time the California investor took control of the mall the only tenants remaining were the anchors Von Maur, Cason Pirie Scott, and a local cinema. This group retained Herring/Tricom to re-energize the mall as a retail center building off the success of Von Maur.
Herring/Tricom developed a leasing program for the mall and began contacting national retail tenants. We also commissioned an apartment study to see if the site would be more successful as a mixed-use development with a substantial amount of multifamily units on the site.
After substantial effort was put into re-leasing the mall, the recommendation was made to ownership to market this property to multifamily developers.
The value of the multifamily land is estimated to be well above purchase price that this investor paid for this mall. They are currently working with the city to complete the rezoning of the site.