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January 18, 2019 Comments Off on Macy’s Opts Out of Downtown Sunnyvale Lease Views: 2248 Bay Area, California News

Macy’s Opts Out of Downtown Sunnyvale Lease

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Macy’s is closing its downtown Sunnyvale, CA store and exercising its lease termination right. The move is part of a series of planned, previously-announced lease terminations. The store will begin a going-out-of-business sale this month, and plans to close by April 9th or earlier, if inventory is all sold before that date.

The 177,000-square-foot Macy’s building was acquired from Sand Hill Properties in March 2018 by STC Venture, LLC, a joint venture between affiliates of Hunter Storm and Sares Regis Group of Northern California (SRGNC). The JV is developing CityLine Sunnyvale, a master-planned, cohesive, pedestrian-oriented, mixed-use district that will feature new residences, shopping, entertainment options, and office space planned across 36 acres.

SRGNC’s David N.P. Hopkins says, “Macy’s was a valuable tenant to us and a central part of downtown Sunnyvale for many years. We look forward to continuing the completion of downtown, and we’re currently working to develop a well-coordinated, coherent plan for the Macy’s site that will build upon Murphy Avenue with new walkable retail.”

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