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Chicago Ridge Mall sold to firm pledging ‘substantial’ cosmetic, staff investment

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Officials with Second Horizon Group said their investment plan for Chicago Ridge Mall will be significant and will focus on cosmetic upgrades, increases to onsite staff and investment in management…

The Chicago Ridge Mall is now under new ownership following a sale to Boca Raton real estate investment firm Second Horizon that closed Feb. 29. A real estate investment firm based in Boca Raton, Florida, has bought the Chicago Ridge Mall from the Miami-based Starwood Capital Group in the latest change for a south suburban shopping center.

Although the company has its headquarters in Florida, Camilo Varela, who is also a managing partner and co-founder, used to work in Chicago and said his firm has had its eyes on the mall for years. He cited its importance to the community and retail success. The Chicago Ridge Mall was recently bought by a real estate investment firm that promises “significant” investment into the space.

 

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