The Commercial Real-Estate Market’s Impending Crash

Gurnee Mills is a sprawling, 1.93 million-square-foot outlet mall in Gurnee, Illinois, about 45 miles north of Chicago. In better times, it was a bustling shopper’s mecca. It underwent a $6 million renovation in 2018, and managed, in recent years, to replace its departed anchor stores, like TJ Maxx. But in 2019, citing a rise in mall vacancies and a decline in cash flow, the credit rating agency Fitch Ratings downgraded its outlook to...read more.