Macy's Sells Northbrook Court Space, Leases It Back

NORTHBROOK, IL — Mall landlord GGP has purchased Macy's Northbrook Court retail location for $25 million dollars. The Northbrook Star reports the department store will lease back the space, while the mall's owner now owns both the land and the building on top of it, allowing it more flexibility to determine the future of the shopping center.

The purchase was recorded in January in Cook County property records, which identify the new owner as Northbrook Anchor Acquisition LLC – a company created the month before that lists GGP executives as its officers.

A Macy's spokesperson confirmed the sale to the Northbrook Star, saying it will continue to operate as normal. The purchase should not affect staff or the customer experience.

GGP told village officials it intends to present some ideas for what to do next at the location over the summer, according to Director of Development and Planning Tom Poupard. The company has not shared any plans for the space with the village, Poupard told the Star.

The real estate investment trust declined to confirm whether its executives listed in the LLC's filing paperwork – CEO Shobi Khan, retired CFO Michael Berman, and Executive Vice President Rosemary Feit – were working on behalf of the company or not. A spokesperson for GGP told Patch the company was "unable to discuss any details."