The Real Deal Tristate

Macy’s sells White Plains store for $27M

The retail giant will remain a tenant at the Galleria shopping center
June 12, 2019 01:00PM

Macy’s is evaluating options for its real estate assets (credit: Marcus Quigmire).

A little more than a month after unveiling plans for a $400 million mixed-use project on Long Island, Macy’s has agreed to sell its store at the Galleria shopping mall in White Plains.

The Cincinnati-based retailer sold the site it occupies in the mall for $27 million to property owner WP Galleria Realty LP, but it won’t close its anchor store, the Daily Voice Plus reported.

Instead, Macy’s will remain a tenant and keep operating its leased space “as it does today,” a spokesperson told the outlet, adding that the company “has been reviewing its real estate portfolio across the country to see if there are opportunities to improve the use of [its] assets.”

The Galleria is owned by El Segundo, California-based Pacific Retail Capital Partners, which purchased the 870,000-square-foot property for $119.58 million in 2016, according to LoHud. Pacific Retail, which claims to have $1.5 billion in retail assets, has acquired other suburban malls in recent years.

In a statement, Pacific Retail said its acquisition of the Macy’s store “demonstrates [its] ongoing commitment to the White Plains community and the Galleria, which has been a signature element of the city’s downtown since opening almost 40 years ago.” [DVP] — Maya Rajamani