Thursday, December 8, 2011
President Frum tells business owners that sales taxes are up and retail vacancies are down during Northbrook Chamber of Commerce luncheon.
If businesses are the engine that moves Northbrook, that engine seems to be revving back to life. Sales tax revenues this year came in higher than the village expected, while retail shopping center occupancy rates are also up by 30 percent, according to Village President Sandra Frum. At a luncheon for members of Northbrook’s Chamber of Commerce, Frum said the economic outlook in the village is—for the most part—looking good. “You guys truly are the engine that moves Northbrook,” she told the several dozen local business owners who gathered at the Sheraton Hotel. “I think we’re in very good shape, economically.” Compared to towns like Evanston, Skokie and Glenview, Northbrook has several hundred more businesses, Frum said. In fact, the …
Monday, October 17, 2011
Chicago-based General Growth Properties takes out new loan on Northbrook mall, along with four others nationwide.
Monday, October 17, 2011
General Growth Properties, owner of Northbrook Court, announced Monday that it has refinanced its loan on the Lake Cook Road shopping mall. According to a release from the company, General Growth Properties (GGP) has refinanced loans worth $966 million on four shopping malls nationwide, entering into four new fixed-rate mortgages with a weighted average interest rate of 4.63%, down from the prior loans’ average rate of 5.66%. The new loan on Northbrook Court is $131 million, has an interest rate of 4.25% and is due in 2021, according to the release. GGP also refinanced loans on malls in Natick, MA; Riverside, CA; and Sugar Land, TX. The company owns and manages 166 large shopping malls in 43 states, according to its website. In October …
Tuesday, October 4, 2011
Despite the overall stagnant economy, Northbrook's smaller retailers are not all stuck in the dumps.
What does it take to shepherd a small business through today’s tough economy? Several local mainstays seem to have the answer in Northbrook, where bike purchases are up and sales of books at the indie bookshop are steady two years after the official end of the Great Recession. Depending on the product, the state of locally owned retailers ranges from outright boom to decline. And in several cases, business is surprisingly good given the gloom-and-doom stories afflicting specific industries. Take the Book Bin in downtown Northbrook. The venerable independent bookstore run by Janis and Lex Irvine threw a successful 40th-anniversary bash on Sept. 22. Crowds mobbed the cramped aisles to snag 40-percent-off books. Because the Book Bin has built…