Macy’s Unloads Union Square Men’s Store For $250M
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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.