January 5, 2017
Los Angeles-based CBRE Group Inc. won an assignment to dispose of 33 Macy’s stores in 20 states slated for closure as part of the Cincinnati-based retailer’s larger plan to shutter 68 of its 730 stores.
CBRE’s Jack Durburg said, “We are honored to assist Macy’s, a storied retailer that helped create much of the American retail landscape, as it charts its course to a future of continued retail leadership.”
Macy’s disposition process is complex, given the range of property types, number of markets, deal types (sale, sublease or assignment), and other factors including interest rates, financing, as well as ecommerce and consumer buying preferences.
That will require CBRE’s national group of retail experts to guide Macy’s through an intricate process to maximize value. Given the scope and potential impact on malls, there’s tremendous opportunity to reposition or redevelop sites with new uses.
For comments, questions or concerns, please contact Dennis Kaiser