The Macy’s on Pico Boulevard in West Los Angeles may be the latest casualty of big box stores’ downsizing.
An entity affiliated with Macy’s sold the 220,000-square-foot storefront, an anchor of the Westside Pavilion shopping center, to GPI Properties for about $50 million, or $227 per square foot, The Real Deal has learned.
The Los Angeles-based real estate investment firm purchased the property under an affiliate entity, Cotillo La Pico LLC, an employee confirmed. Company representatives familiar with the transaction, however, could not be reached in time for comment.
Built in 1985, the three-story structure was last renovated in 2000, according to CoStar. Meanwhile, the rest of Westside Pavilion is gearing up for some major changes under the ownership Macerich company. The Santa Monica developer announced its plans for renovation last spring but has yet to reveal any further details.
It’s unclear whether the Macy’s will shutter in the near future. It’s not one of the 68 Macy’s stores that the company announced will close this year. When TRD called the store on Pico Boulevard, an employee said there are no immediate plans of closure.