January 18, 2019
Connect Retail West is next week at The Resort at Pelican Hill. Here’s where to get more information and register to join us on Jan. 22nd.
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.”
For comments, questions or concerns, please contact Dennis Kaiser