Nashville-based company puts Sterling’s Northland Mall back on the market
STERLING, Ill. (KWQC) - Almost six months after taking over the mall in Sterling, the Nashville-based company that owns it is putting it up for auction.
Brookwood Capital Advisors took over Sterling’s Northland Mall in January. The retail real estate buyers took the shopping center from 30% occupancy to nearly 100% occupancy with all but one anchor store leased. In addition to filling storefronts, it upgraded the HVAC system and repaved the parking lot.
With these changes, the company feels it’s time to pass the torch. Leasing Director Lydia Chernitsky-Hamd hopes it’s to a local buyer.
“The work that we do is retail redevelopment. So we really feel like we’ve put in everything that we could,” Chernitsky-Hamd said. “We’ve loved working with Sterling and the community of Sterling. It’s been a really awesome experience, everyone has been amazing. We would just want to connect [the mall] to the person that will want it kind of long term.”
Brookwood Capital was able to fill Northland so quickly by offering up to six months of free rent to new shops.
Tasha Farnham, owner of Emmie B’s Boutique took up on the offer.
“I grew up here and this mall was kind of the place to be when we were kids,” Farnham said. “It’s good to see all the people coming back out, and we get compliments from customers all the time, that they’re excited.”
Jackie Payne has owned Bushel Basket Candle Co. for nearly 15 years. She’s opening up her second shop in the mall, The Toy Store, next month. She said she wasn’t surprised by the announcement as she’s seen both stores and landlords come and go.
“These things are common in the commercial real estate arena. Nothing will change except where we send the rent check.,” Payne said. “Just everybody’s excited to get more stores open and really get this thing rolling.”
Andrew Kennedy owns State of Mind, which held its grand opening on May 13. He’s hopeful for the future of the mall even after Brookwood Capital sells.
“I can’t say that anything is bad. It’s not the best it could ever be,” Kennedy said. “It’s still fantastic compared to what we thought would happen with how low the mall did and how bad the mall did prior to [Brookwood’s] investment into it.”
The mall will be up for an online auction starting June 13. Brookwood Capital Advisors set the starting bit at $1.5 million.
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