Northbrook, Ill. — StreetMac Asset Managers and Five Mile Capital Partners LLC have joined forces to recapitalize Stratford Square Mall in Bloomingdale, Ill.
The 1.3 million-sq.-ft. mall features more than 100 stores and restaurants, a 14-screen cinema complex and national retail anchors including Macy’s, Sears, Carson Pirie Scott, J.C. Penney, Kohl’s and Burlington Coat Factory.
The recapitalization came about when an affiliate of Five Mile Capital Partners gained control of Stratford Square in November 2011 by purchasing the mall’s distressed debt. Following the recapitalization, StreetMac Joined the transaction as the operating partner, taking an equity stake in the property alongside Five Mile and assuming management and leasing responsibilities.
This is StreetMac’s third retail mall investment in affiliation with Five Mile Capital Partners.