Washington Prime Group has acquired the last piece of a Tampa mall it didn’t own: the Macy’s department store.
The Ohio-based real estate investment trust paid $10 million for the 235,000-square-foot store last month, the Tampa Bay Business Journal reported, citing Hillsborough County records. The price comes to $42 per square foot. The store is located at 298 WestShore Plaza.
The purchase caps nearly a decade of the firm’s acquisitions at WestShore Plaza mall.
WPG also controls the former Sears store, Seasons 52 and a Bank of America branch, in addition to the enclosed mall, totaling over 50 acres at the intersection of Westshore and Kennedy boulevards.
Dick’s Sporting Goods recently exited its 80,000-square-foot space at the mall and moved to International Plaza, at 2223 North Westshore Boulevard, adding to WPG’s options for redevelopment.
WPG’s ambitious plans, approved by Tampa City Council in April, include up to 3.5 million square feet of development, with entertainment, retail, restaurants, office, medical, hotel and residential spaces. However, financing remains challenging, and WPG may need a joint venture partner to proceed. Dallas-based Lincoln Property Company was initially involved, but it appears to have stepped back from the project, the outlet said.
Macy’s is closing 55 stores by the end of this year, and it plans to close another 150 stores next year. The department store recently sold two South Florida locations for a combined $28 million.
WPG bought one of them. It paid $15 million ($67 per square foot) for the Macy’s at another Florida mall it owns, Boynton Beach Mall at 801 North Congress Avenue in Boynton Beach. WPG is marketing that 91-acre mall for sale with approved plans for a mixed-use project with at least 1,700 apartments.
—Rachel Stone
Read more
Commercial
Orlando
Mall’s ground owner raises trump card on Bancorp’s listing
Development
Houston
Fidelis starts redevelopment two years after scraping Baytown mall
Commercial
Chicago
Eminent domain could grab Namdar-owned mall in Calumet City