New Stores May Follow Sale of Brookside Marketplace

More stores could be coming to 191st Street's Brookside Marketplace in as soon as about two months, when the current shopping center's owner is expected to sell it to another corporation.

The move includes property owner Ryan Companies U.S. Inc. selling the center to the Ohio-based business, DDR Corp. The sale should be a done deal within 60 days, representatives said.

Village Board Trustee Dave Seaman said Tuesday that he supports the move.

"It's kind of a natural next step in the evolution of these organizations," he said during the board's regular meeting. Seaman is also the chair of the village's Finance and Economic Development Committee.

He noted that the corporation, formerly known as Developers Diversified Realty, is among the largest Retail Real Estate Investment Trusts, or REITs, in the country.

While Ryan is known for constructing shopping centers, DDR is known for owning and managing them, he said. DDR's annual sales exceed $803 million and its portfolio includes more than 500 shopping centers in the U.S., Brazil and Puerto Rico, according to village documents.

Executives from the company told the board Tuesday that they've already been communicating with business owners interested in filling a vacant storefront in Brookside Marketplace, though they didn't identify which.

The same night, trustees opted to uphold the shopping center's current tax sharing agreement once it changes hands. That agreement includes the sharing of up to $1.25 million in sales taxes that result from new construction during a 10-year timeframe. 

The most recent additions to Brookside have been HomeGoods, which opened in September 2011, and Old Navy, which opened the following month.

Trustees conducted a first reading on a motion that will assign already accrued tax dollars to an escrow agent, who will help DDR and Ryan divvy them up. A final reading should go before the board next month.

Looking for more background? Consider reading Tinley Could Pay Millions More to Nab Brookside Marketplace New Stores or New Incentive Deal Could Lure Two New Shops to Brookside Marketplace.