As the retail industry's struggles continue, Macy's is looking to sell its store in Arlington's Ballston neighborhood, and the property could present a prime development opportunity.

Cushman & Wakefield recently began marketing the Macy's at 685 North Glebe Road, adjacent to the Ballston Quarter redevelopment. The property is approved for roughly 350K SF of mixed-use development.

Cushman & Wakefield Vice Chairman Bill Collins, who is leading the team marketing the property, told Bisnow it has already drawn interest from developers. The Washington Business Journal first reported the that property was up for sale.

Collins said buyers are bullish on the economy recovering and demand for residential and office space returning within the next three years, the timeline it would take to deliver a new project.

"I think it is one of the best available development sites that's out there," Collins said."You've got this whole new wave of retail and transportation, and it's just a high-quality neighborhood to be in."

A sale to a developer would likely mean the closing of the Macy's store. Macy's has signaled plans to close 125 stores in the coming years, though it has not specified whether the Ballston store is among them.

The Ballston property sits near the intersection of North Glebe Road and Wilson Boulevard. Brookfield last year delivered the $330M Ballston Quarter redevelopment next to the site, and Jamestown redeveloped the former National Science Foundation headquarters across the street into Ballston Exchange. A new pedestrian bridge opened in November, connecting the Ballston Quarter and Ballston Exchange projects and improving the walk from the Macy's to the Ballston Metro station.