Louis Joliet Mall auction bids reach $15 million

The Louis Joliet Mall has attracted a $15 million bid in an online auction that will continue until noon Wednesday, according to the website posting the bidding.

The Joliet mall went up for auction starting Monday with a minimum bid set at $5 million, according to the crexi.com website run by Commercial Real Estate Exchange Inc.

Representatives from Commercial Real Estate Exchange Inc. and JLL, the real estate company that manages the mall, could not be reached for comment on Tuesday.

Five bids had been posted on the website as of 5 p.m. Tuesday with the highest reaching $15 million. The website did not indicate how many parties were bidding or who was bidding.

The sale does not include the four anchor stores, which are owned separately. Those anchors include a closed Sears store, which was acquired in December by the Ghaben Auto Group.

The non-anchor portion of the Louis Joliet Mall is held in a UBS-Barclays Commercial Mortgage Trust, according to a Fitch Ratings report in October.

The mall, not including the anchors, is 92.2% occupied, according to the auction website.

The Louis Joliet Mall and surrounding development makes up the central retail and restaurant district in Joliet.