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10 | March 8, 2018 | The Northbrook tower NEWS
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Macy’s sale could indicate impending
changes at Northbrook Court
Martin Carlino, Editor
As Northbrook Court
prepares for its 42nd
birthday, changes to the
125-store shopping center
could be on the horizon.
According to Cook
County property records
obtained by The Northbrook
Tower, General
Growth Properties, the
owner of Northbrook
Court, purchased the
mall’s Macy’s store location
for $25 million on
Jan. 12.
Andrea Schwartz, a
spokeswoman for Macy’s,
confirmed the store’s sale
in an email sent to The
Tower. Per Schwartz,
Macy’s is currently leasing
back the store, which
will continue to operate as
usual.
“There is no impact on
store operations, including
associates, merchandise or
selling space,” Schwartz
said. “As part of its real estate
strategy, Macy’s Inc.
has been reviewing its real
estate portfolio across the
country to see if there are
opportunities to improve
the use of our assets.”
Schwartz declined to
comment on the duration
of Macy’s lease agreement
with GGP.
The sale of the
280,000-square-foot staple
store of Northbrook Court
could be an early indication
of a long-discussed
adaptive re-use of the
property.
GGP executives have
hinted at large-scale
changes for more than a
year’s time, but declined
several requests from The
Tower for comment on the
specifics of those changes.
Tom Poupard, director of
Development and Planning
Services for the Village of
Northbrook confirmed the
Village was aware of the
impending sale.
“We did know that it
was in the works,” he said.
“We had heard from GGP
probably about a month or
two ago.”
Per Poupard, the Village
hasn’t received specific
details from GGP regarding
considered changes to
the mall.
“We’ve talked to them
over the last couple of
years ... about just how
the mall can evolve over
time,” he said. “It’s no secret
there’s a lot of malls in
trouble. Northbrook Court
has been doing pretty well,
but we want to make sure
it keeps doing well.”
Regardless of what GGP
has planned, Poupard believes
the sale of Macy’s
will speed up the process.
“Absolutely,” said
Poupard of the sale’s possible
impact on speeding
up changes. “It gives GGP
a lot more flexibilty.”
Despite the lack of clarity
in possible changes,
the Village is happy to
see GGP’s devotion to the
mall.
“We are really excited
that they’re doing this and
wanting to reinvest in the
property,” Poupard said. “I
think they are being very
proactive and we’re happy
to see that there’s commitment
there.”
In early 2018, Macy’s sold it’s Northbrook Court store to General Growth
Properties, the owner of Northbrook Court, for $25 million. The sale could be an
early indication of impending changes to the 125-store shopping center. Martin
Carlino/22nd Century Media