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Union Square In San Francisco
The flurry of activity in Union Square continues with Macy’s selling off its 263k SF Men’s Store building for $250M ($950/SF). The sale is part of the department store’s plan to close 100 stores and shrink its brick-and-mortar store portfolio, reports the San Francisco Business Times.
The sale is expected to close in January and the retailer anticipates a recognized gain of about $235M. The buyer has not yet been named.
Macy’s plans to lease the Men’s Store property for another few years during its reconfiguration of the main store at 170 O’Farrell St.
The department store just partnered with Brookfield Asset Management, which will evaluate the retailer’s real estate assets. [SFBT]
