Macy’s has sold five stores to General Growth Properties. The sale is part of the retailer’s previously-announced plan to drive profitable growth by reallocating investments to its highest growth potential stores and digital businesses, and to capitalize on opportunities within the company’s real estate portfolio.
Four of the stores were sold in the third quarter and one, the Greenwood Mall store, was sold earlier in the year. The stores are: Carolina Place in Pineville, NC, 151,000 square feet; Oakwood Mall in Eau Claire, WI, 104,000 square feet; Quail Springs Mall in Oklahoma City, OK, 146,000 square feet; Tysons Galleria in McLean, VA, 265,000 square feet; and Greenwood Mall in Bowling Green, KY, 124,000 square feet.
Macy’s will continue to operate the Tysons Galleria store on a lease from General Growth Properties. Macy’s also continues to operate another store in McLean, VA, at the nearby Tysons Corner Center. The Quail Springs Mall store closed in spring 2016. The other three stores, Carolina Place, Greenwood Mall and Oakwood Mall, will continue operations through the holiday season and will be closed in spring 2017.
The purchase price of the four stores was $46 million. Macy’s said it expects to realize a gain of $32 million from the sales in the third quarter of fiscal year 2016.