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GW Properties, Angelo Gordon buy 2 Macy’s stores; will be repurposed
The joint venture paid $26M for the stores near Woodfield Mall and Oakbrook Center
GW Properties and Angelo Gordon & Company paid $26 million for two Macy’s furniture stores near suburban malls, continuing the embattled retailer’s string of sell-offs nationwide.
The venture is planning to repurpose the locations near the Woodfield Mall and Oakbrook Center shopping centers, according to Crain’s. The firms haven’t finalized their plans, which could include new retail, hotels or office space at the stores; the cost of the redevelopment could reach $50 million, GW Principal Mitch Goltz told Crain’s.
Macy’s in 2016 announced it was teaming up with Brookfield Asset Management to help the retailer sell or redevelop dozens of its stores, including some in the Chicago area.
In June, the retailer sold the top half of its flagship State Street store to Brookfield, which intends to convert the 700,000 square feet into offices.
In January, Macy’s sold its space inside the Northbrook Court shopping mall to General Growth Properties, which later was taken over by Brookfield. In September, Brookfield announced a sweeping plan to overhaul the property. [Crain’s] — John O’Brien