Receivership Firm Investigates Glen Town Center's Underperformance
RE Solutions, the court-appointed receiver, is studying how to boost sales at the Glenview shopping center.
A Chicago-based receivership company has been tasked with improving business at Glen Town Center, Chicago Tribune reported.
Glen Town Center Developer OliverMcMillan is in court facing a $56 million foreclosure lawsuit that claims it has not made a loan payment on its 267,000-square-foot Glenview mixed-use retail project since July 2009.
Earlier this month, Cook County Circuit court appointed RE Solutions as the receiver and the company is looking at why the shopping center is still underperforming even though 94 percent of the retail space is leased, Chicago Tribune reported.
The highly anticipated 267,000-square-foot mixed-use retail center opened in 2003 and was supported by the Village with a $12 million revenue-sharing agreement with the developer.