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10 | March 8, 2018 | The Northbrook tower NEWS northbrooktower.com Let’s have a candid conversation about senior heart health. Join Brookdale Senior Living for a free heart-healthy meal. Call (844) 735-5700, and let’s talk about keeping your heart healthy. NorthbrookTower-0218 Bringing New Life to Senior Living® © 2018 Brookdale Senior Living Inc. All rights reserved. BROOKDALE SENIOR LIVING and BRINGING NEW LIFE TO SENIOR LIVING are registered trademarks of Brookdale Senior Living Inc. brookdale.com 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
northbrooktower.com northbrook the northbrook tower | March 8, 2018 | 11 THE SPRING REAL ESTATE MARKET IS HERE EXCEEDING MY CLIE<strong>NT</strong>S’ EXPECTATIONS IS PAR FOR THE COURSE! I’d love to help you hit a HOLE-IN-ONE on your next real estate transaction! MARI BERTOG BROKER ASSOCIATE ABR, GRI, MCNE Direct 847.510.5069 Cell 847.828.9394 www.MariBertog.com MBertog@KoenigRubloff.com 30 NORTHSHORE BUYING OR SELLING A HOME IN 2018? “GET MOVING WITH MARI” © BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates,LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity. Client Performance + Recommendation rating based on real surveys provided by RealSatisfed.com as of 1/22/2018
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