- Mar 27, 2018
Change is likely on the horizon for Northbrook Court, following the recent announcement of the sale of anchor store Macy’s to owners of the shopping center, General Growth Properties (GGP). According Cook County real estate records, the sale was recorded in January for $25 million.
“Macy’s has sold its Northbrook building and as part of the agreement will be leasing back the store which will continue to operate as usual,” according to a company spokesperson in Chicago. “There is no impact on store operations including associates, merchandise or selling space,” she added. “Macy’s has been reviewing its real estate portfolio across the country to see if there are opportunities to improve the use of our assets.”
Village staff indicated that little information about GGP’s plans for the property was shared at the time of the sale. However, they acknowledge that with the purchase, GGP now owns the building and land occupied by the 280,000 square foot store, which allows them to potentially make changes. GGP has informed Village officials that it plans to present possible concepts for the shopping center over the summer.
Village officials have long been aware of changing demographics and the challenges faced by large centers like Northbrook Court.
At a joint meeting with the Village’s economic advisory panels the ICDC and EDC last year, two development officials from GGP shared their research about changing shopping patterns and trends. Adam Tritt, GGP VP of Development and Ben Freeman, Senior Director, Development explained that the process had already begun to re-evaluate some of the tenant spaces in the center. They emphasized that they see new opportunities and are optimistic about the future of the center, which is an important asset in their high-quality portfolio. They encouraged the Village to be open to new and different uses in the mall and to be flexible with zoning and development regulations. At the meeting, officials indicated that there could be potential for a fitness center, hotel, entertainment venue or possibly residential uses.
“We have not seen any plans for what is envisioned, but we look forward to working with GGP on the adaptive reuse of the property,” commented Village President Sandy Frum.