CHICAGO-Shopping center owner Macerich Co. plans to invest as much as $45 million to convert a portion an adjacent office building to its Shops at North Bridge development here into retail space.
The Santa Monica, CA-based firm acquired 500 N. Michigan Ave. last year and now intends to spend between $30 million to $45 million on capital improvements to the 24-story building that could include converting some office space to retail and linking the property to the Shops at North Bridge, according to Crain's Chicago Business.
"They're merely responding to a constrained marketplace,” said Greg Kirsch, principal in the Chicago office of Newmark Grubb Knight Frank. “They're seeing retailers coming to the marketplace that can't be accommodated.”
A recent securities filing puts the Shops at North Bridge at 91.5% occupied. Its major tenants include Nordstrom Inc. and Eataly. See story in Crain's Chicago Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
