2 posts tagged “macy's”
Macerich Co. announced a joint venture with GI Partners, trading 75% interest of the FlatIron Crossing property in Broomfield, Colorado for roughly $116 million in cash according to the Wall Street Journal. Edward C. Coppola, president of Macerich, said the deal is "another example of Macerich executing on its deleveraging strategy" by tapping into capital in a high-performing retail property.
FlatIron Crossing is a 1.4 million square foot regional mall with annual tenant sales at $443 per square foot last year. The nine-year-old property features Nordstrom, Macy's, Dick's Sporting Goods and Dillard's as anchors, and is presently 97% occupied. "FlatIron Crossing is an opportunity to not only create a strategic partnership, but also secure an ownership position in an asset with significant fundamental value and upside potential," Rick Magnuson, GI Partners' executive managing director, said in a news release.
For more news and information, visit Blumberg Capital Partners.
NAI Welsh are marketing office space for lease in the Macy's Building in Downtown Minneapolis, marking the first time in the building's 107-year history that space has ever been available for lease according to a Business Journal article. Located at 700 Nicollet Mall in the heart of downtown Minneapolis, the iconic building dates back to 1902 when Dayton's first opened and has since served as the headquarters and regional office of Dayton's, Marshall Fields, Target, and Macy's. The site was largely emptied last fall when Cincinnati-based Macy's cut about 1,000 jobs in Minnesota, leaving 350,000 square feet on floors six through 10 above the Macy's store now up for lease.
"This space is main-on-main as far as Minneapolis office space goes," said Jim Damiani, Senior Vice President, NAI Welsh. "You couldn't ask for a more prominent location in this market." Damiani said Macy's would prefer to lease the entire space to one or more large tenants, but it is willing to cut up the space to accommodate smaller ones.
For more news and information, visit Blumberg Capital Partners.
