GGP Buys Macy’s Northbrook Court Store

Macy’s has sold its 280,000-square-foot store in Northbrook Court to mall owner GGP for $25 million, stoking conjecture of a possible redevelopment of the anchor.

Macy’s is leasing the property from Chicago-based GGP for now, and is still in operation at the north suburban site.

“There is no impact on store operations, including associates, merchandise or selling space,” Macy’s Andrea Schwartz told Crain’s Chicago Business, dispelling the rumors. “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.”

GGP hasn’t publicized any plans for the property. Schwartz did not disclose when its Northbrook Court lease expires.

Macy’s, which bought the locally iconic Marshall Field’s chain in 2005 and rebranded the stores, agreed last year to sell the top floors of its flagship Loop store to Brookfield Asset Management for conversion into offices.

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