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

TRD 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
(Credit: iStock)

NY restaurants, hotels warn of mass layoffs as US sees record jobless claims

The lifeline would allow the company to continue operating while it puts together a recovery plan. (Photo by Noam Galai/Getty Images)

Neiman Marcus in talks about possible bankruptcy: report

Robert Taubman and David Simon (Credit: Donato Sardella/Getty Images, Mireya Acierto/Getty Images, iStock)

With malls shut, what happens to Simon and Taubman’s deal?

Subway sent its landlords a “force majeure” letter last week (Photo by Mikko Robles/NurPhoto via Getty Images)

Major US retailers tell landlords they can’t pay rent

Workers board up the Time Square Sephora location (Credit: Liao Pan/China News Service via Getty Images)

NYC storefronts begin boarding up as virus empties streets

(Credit: iStock)

Retailers tell landlords they could stop paying rent soon

Scott Gerber pictured with Irvington Bar & Restaurant (Credit: iStock, Google Maps)

Hospitality company behind The Campbell, Mr. Purple lays off 400

Nordstrom is the latest retailer to close its stores across the U.S. and Canada for two weeks to prevent the spread of COVID-19 (Credit: Jeffrey Greenberg/Universal Images Group via Getty Images)

Nordstrom shutters stores in response to coronavirus

arrow_forward_ios
Loading...