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Local Business

New owner for Geneva Commons

GENEVA – The Geneva Commons shopping center in Geneva has a new owner.

LaSalle Investment Management, the investment unit of Chicago-based Jones Lang LaSalle Inc., recently purchased the 438,000-square-foot shopping center at 602 Commons Drive in Geneva. Geneva Mayor Kevin Burns on Wednesday confirmed the purchase.

The owners of the shopping center, two limited partnerships advised by Invesco Ltd., defaulted on a $40.4 million loan earlier this year. The mall opened in 2002.

Burns said the change in ownership will not hurt the mall's commercial standing.

"The folks at Lasalle obviously saw it as a good investment," Burns said. "We still believe it is a sound investment as well."

Burns said the Randall Road commercial corridor remains a strong commercial force.

"Geneva Commons is a regional destination," he said.

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