November 14, 2016
Cincinnati-based Macy’s Inc. is selling its downtown Portland, OR property to KBS for $54 million. The store will continue operating through the holiday season, then close in spring. The transaction is expected to close by the end of the year.
The downtown Portland building at 621 S.W. 5th Ave. is the former Meier & Frank Building. Macy’s owned and operated on five floors in the building. The rest of the building is owned by The Nines Hotel parent company.
The store closure is part of Macy’s plan to closes 100 stores nationwide that are either not performing well, or in locations in which the real estate was more valuable to the company than retail operations. Also targeted for closure in Oregon is Macy’s Salem store, when the lease terminates.
For comments, questions or concerns, please contact Amy Sorter