Dallas-based Cypress Equities has purchased Streets of Woodfield Mall in Schaumburg from developer Joseph Freed & Associates LLC of Chicago for $118 million.
The 713,260-square-foot center was completed in 1997, but has undergone a number of redevelopments since, according to Cypress Equities' website. The center is currently 98 percent leased.
No significant changes have been announced for the center, which is anchored by Whole Foods Market, Crate & Barrel, Dick's Sporting Goods, Carson Pirie Scott, Legoland Discovery Center and a 20-screen AMC Theatres.
The outdoor shopping center at 601 N. Martingale Road lies directly south of the older, larger and indoor Woodfield Mall along Woodfield Road.
The announcement that Streets of Woodfield was being put up for sale was made just before Memorial Day weekend last month.
Though Joseph Freed & Associates declined to comment at the time, experts said the company is wrestling with declining property values among the developments in its portfolio.
John Melaniphy, president of real estate consulting firm Melaniphy & Associates in Chicago, told the Daily Herald that Joseph Freed & Associates is facing several foreclosure lawsuits by Bank of America Corp., including over the new Block 37 mall in Chicago.
Leasing for the center will be handled by Cypress Equities' sister company, SRS Real Estate, which has local offices in Oak Brook.