New Landlord for Neiman Marcus

General Growth Properties Inc. is acquiring the Neiman Marcus store in the Oakbrook Center as part of a multi-property deal with California-based Macerich Co, according to Crain's. Chicago-based General Growth is part of the joint venture that already owns the land on which the Oakbrook Center sits.

The multi-million dollar transaction has General Growth trading a third of its Phoenix-area shopping center real estate stakes for six of Macerich's nationwide anchor stores. Other stores included in the deal are a Burlington Coat Factory in San Diego, California, a Forever 21 in Tuscon, Arizona, a Kohl's in Hayward, California, and two vacant former Mervyn's stores.

Macerich had itself recently bought the Neiman Marcus leasehold interest for $8.2 million from New York-based Acadia Realty Trust. [Crain's]

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