Golf Mill Shopping Center (2026) — Sale in Niles, IL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Niles, IL 60714
  • Year built: 1957

Photos

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Description

Jones Lang LaSalle Americas, L.P. (“JLL”) has been retained on an exclusive basis to offer qualified investors the opportunity to acquire Golf Mill Town Center – a 1.1 million square foot regional mall situated on 79-acres in a high barrier to entry location within the City of Niles, a northwest Chicago suburb. While the Property offers flexibility for future use, it has been approved for a transformative redevelopment into a vibrant, mixed-use project with open-air retail, multifamily, hospitality, and medical office uses. The current redevelopment plans contemplate repositioning the long-standing enclosed mall into a highly functional mixed-use project that will include several category leading national anchors such as Target, Ross Dress for Less, Burlington, ULTA, and others. The project has been approved to receive Tax Incremental Financing (TIF) for up to $96M based on the current plans. In addition, the seller is under contract to sell 13.1 acres of land to two separate multifamily developers for $13.9M, lowering a potential investor’s basis. Golf Mill Town Center is a unique opportunity to acquire a value-add, mixed-use redevelopment project anchored by market dominant tenancy.

Market Context

This retail in Niles, IL is listed for sale. The building dates to 1957. Compare it against other retail listings for sale in Niles, IL — view the full market.

As of Q4 2025, the Chicago retail market showed a 5.1% vacancy rate, average asking rents near $19.00/SF/yr, rents up 2.4% year over year, and cap rates around 7.9%. Source: multiple brokerage reports, Q4 2025.

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Retail market FAQ

What is the typical cap rate for retail in Chicago?
About 7.9% as of Q4 2025, per multiple brokerage reports.
Is the Chicago retail market tightening or softening?
Vacancy is around 5.1%, with asking rents rising year over year (Q4 2025).

Estimated Price per SF

$56.15/SF – $408.36/SF

Mid: $170.15/SF

About 8 in 10 recent recorded sales fell within a range this wide around the estimate. An automated estimate, not an appraisal.

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