Closing of Brookdale
As the Minneapolis market continued rapid suburbinization and population growth in the early 2000s, Brookdale Center began to suffer. Stronger retail nodes such as Arbor Lakes, The Shops at West End, and Ridgedale Center began to steer customers away from the once thriving node. Continued disinvestment around Brookdale Center also contributed to its rapid decline.
On April 26, 2010, local newspaper Star Tribune reported that Brookdale would close at end of the business day. Owner Jim Schlesinger still owed $52 million on the $54 million loan, and the center was sold in a sheriff's foreclosure auction to Capmark Financial Group Inc. in Horsham, Pa.
The Sears store remained open as they owned the land upon which the store was sited. The Kohl's store, which is detached from the main mall building, remained open under similar circumstances.
Read more about this topic: Brookdale Center
Famous quotes containing the word closing:
“From Harmony, from heavenly Harmony
This universal Frame began:
From Harmony to Harmony
Through all the Compass of the Notes it ran,
The Diapason closing full in Man.”
—John Dryden (1631–1700)