Kids & Family

Sale Complete: Charlestowne Mall Becomes The Quad

New name accompanies sale executed by Geneva-based Sperry Van Ness. Look for a groundbreaking on renovation in April 2014.

The Krausz Companies Inc., which are planning a $70 million renovation of Charlestowne Mall, have completed the purchase of the property and have changed the name to The Quad St. Charles.


Geneva-based Sperry Van Ness / Landmark Commercial Real Estate announced late Thursday afternoon the completion of the sale of Charlestowne Mall to The Krausz Companies Inc. The release did not specify the price paid for the mall, which last changed hands in 2010, when a group of California investors paid $9.5 million for the property.


According to the release, managing director/broker Neil Johnson and adviser Joel Miller represented both the seller and the buyer in the transaction.  

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According to Sperry Van Ness / Landmark Commercial Real Estate’s release, the  1.1 million-square-foot enclosed regional mall, which sits on 80 acres of land at 3800 E. Main St., is about 50 percent occupied.


The Daily Herald reported the name change and said The Krausz Companies Inc. plan to break ground on a $70 million renovation of the property in April 2014.

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Charlestowne Mall is approximately 50 percent occupied, anchored by Von Maur, Carson Pirie Scott, Kohl’s and Classic Cinema’s Charlestowne 18. The spaces occupied by Von Maur and Kohl’s are separately owned and were not included in the sale.


Rumors of a pending sale of the languishing mall property began late in 2012 and were confirmed earlier this year when it was announced that a contract to purchase the property had been signed.


The Krausz Companies Inc., based in California, announced in September plans to relaunch the mall as part of a $70 million renovation, which will include tearing down the old Sears location, remodeling the building itself to reposition to the food court, add windows and improve the outer appearance of the building, as well as earth-moving work on the property to improve its visibility from East Main Street/Route 64 and to establish outlots for new retailers at the site.


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