Following the sale of its flagship store in the city, Macy’s announced the sale of its store in Northbrook Court.
The buyer of the store, GGP (formerly General Growth Properties) paid approximately $25 million for the store in January. Macy’s is currently leasing the 280,000 square-foot anchor store back from GGP. However, GGP may have something else in mind for the space at the end of Macy’s lease.
Macy’s has been the anchor tenant in Northbrook Court since 2005, when the company acquired Marshall Field’s.
As retail stores continue to plummet, Chicago-based GGP and other similar companies are taking full advantage of the retail economy by re-purchasing stores in their own malls and re-developing them into movie theaters or gyms.
Northbrook Court, owned by GGP, is a premier shopping destination located at 1515 Lake Cook Road in Northbrook, Illinois. Northbrook, Illinois is situated in the north shore of Chicago, home to Chicago’s most affluent communities.
Crain’s reports that Andrea Schwartz, spokeswoman for Macy’s stated that the Northbrook store “will continue to operate as usual. There is no impact on store operations, including associates, merchandise or selling space.”
Macy’s and GGP have not released any further details about the lease or its end date. For now, GGP’s use case for the Northbrook store remains a mystery.