June 18, 2019
Macy’s has sold its real estate at the Galleria shopping center in White Plains, NY, LoHud.com reported. The owner of the 865,000-square-foot Galleria, Pacific Retail Capital Partners, paid $27 million for the store.
Under the new arrangement, Macy’s will remain as a tenant, according to LoHud.com. The sale was part of the retailer’s asset management strategy based on ongoing review of its real estate portfolio across the country, a spokeswoman told the publication.
The Macy’s store is located at the east end of the mall. It was assessed at $25 million in White Plains’ 2019 property assessment roll, according to LoHud.com.
Based in El Segundo, CA, Pacific Retail purchased the Galleria mall other than the Macy’s, including the other anchor Sears store property, for $119.58 million in 2016. It was acquired from Simon Property Group as part of a three-asset portfolio.
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