Macy’s taps REIT boss to advise on sale of RE assets

Four Corners CEO joins board as retailer eyes selling stakes in Herald Square store, others

New York /
Mar.March 22, 2016 02:45 PM

Macy’s is bringing in a real estate industry veteran to help with its planned sales of equity stakes in several of its stores, including its flagship location in Herald Square.

The clothing chain appointed Bill Lenehan, CEO of Four Corners Property Trust — a real estate investment trust that owns over 400 restaurants nationwide — to sit on its board of directors, Bloomberg reported.

The Cincinnati-based Macy’s has come under pressure from activist investor Starboard Capital, and is looking to sell off part ownership of it’s stores in San Francisco, Chicago and Minneapolis stores, along with its Manhattan location and some mall properties. The retailer tapped Eastdil Secured to help organize the sales. Tishman Speyer has expressed interested in purchasing some of the stakes.

The chain previously rejected a suggestion it form a real estate investment trust.

Lenehan took charge of Four Corners last year, after it spun off from Darden Restaurants. He previously worked for Farallon Capital Management and MI Development. [Bloomberg] — Ariel Stulberg


Related Articles

arrow_forward_ios
Triangle Junction at 2201 Nostrand Ave (Google Maps, Getty)
Aldi signs lease for 20K-sf store in Flatbush
Aldi signs lease for 20K-sf store in Flatbush
Clockwise from left: Flushing’s Main Street, City Point in Brooklyn and Bronx’s Fordham Road (Getty)
Manhattan’s retail loss is outer boroughs’ gain
Manhattan’s retail loss is outer boroughs’ gain
2 Bank Street (Google Maps, iStock)
Pizzeria featured in “Eat Pray Love” signs lease in Greenwich Village
Pizzeria featured in “Eat Pray Love” signs lease in Greenwich Village
Dollar General CEO Todd Vasos (Retail Industry Leaders Association, iStock)
Dollar General thrives amid retail apocalypse
Dollar General thrives amid retail apocalypse
(Getty)
Manhattan retail market awaits recovery as vacancies rise in Q1
Manhattan retail market awaits recovery as vacancies rise in Q1
(Getty, iStock)
McDonald’s to shutter hundreds of Walmart outposts
McDonald’s to shutter hundreds of Walmart outposts
The vacancy rate for regional and superregional malls is at an all-time high.  (Getty)
Mall vacancy rate hits all-time high
Mall vacancy rate hits all-time high
38 Warren Street and CVS CEO Karen S. Lynch (Google Maps, CVS)
CVS signs lease in Tribeca’s Keystone Building
CVS signs lease in Tribeca’s Keystone Building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...