March 29, 2016
Sydney-based Westfield Corp. acquired an historic Macy’s building at Mission Valley mall for $16.5 million. The sale-leaseback transaction includes a 363,000-square-foot department store property, and a smaller 5,500-square-foot retail building.
Macy’s anchors the 1.57-million-square-foot mall, employs about 150 people, and is committed to stay at the 1702 Camino Del Rio North site until January 2017. The Mission Valley store was not among the 40 locations the Cincinnati-based retailer announced it was closing earlier this year.
The 55-year-old building is classified as historic, a designation that would keep Westfield from razing it. The mall owner is appealing the designation. The William Lewis Jr. building was developed by the May Company in 1961, and was converted through acquisition into a Macy’s in 2006.