Nov
01
Macy’s Continues Restructuring, Sells Assets to GGP
ByThe $46 million sale of five stores follows Macy’s announced plans to close roughly 15 percent of its properties by next year.
Tysons Galleria, McLean, Va.
Cincinnati—Macy’s Inc. is pushing on with its plan to operate fewer brick-and-mortar locations and focus on better-performing assets and a stronger digital presence with the disposition of five retail stores to General Growth Properties for $46 million.
Four of the stores were sold in the third quarter of 2016, while the Greenwood Mall property was sold earlier in the year. The portfolio comprised:
