Macy’s offloaded a couple of retail properties in South Florida, selling both for a combined $28 million.
Most recently, an affiliate of Columbus, Ohio-based Washington Prime Group paid $15 million for a Macy’s department store at Boynton Beach Mall at 801 North Congress Avenue in Boynton Beach, records and real estate database Vizzda show.
Washington Prime, which also owns Boynton Beach Mall, paid $67 a square foot for the 224,396-square-foot retail building.
Macy’s acquired the property in the 1990s after the New York-based retail chain purchased Burdines, a now-defunct Florida department store chain. Macy’s changed the name of all Burdines stores in 2005.
A Macy’s spokesperson said the company has a lease that runs through the end of the year, but declined to comment on whether the Boynton Beach store is among the roughly 150 locations that Macy’s is closing.
Washington Prime is currently marketing the 91-acre Boynton Beach Mall site for sale with approved plans for a mixed-use project with at least 1,700 apartments. The mall hit the market last year, published reports state. Cinemark and Christ FellowShip Church own two separate parcels on the property, records show.
Also this month, Macy’s sold a 50,111-square-foot furniture and mattress store at 13640 Pines Boulevard within the footprint of Pembroke Lakes Mall in Pembroke Pines, records and Vizzda show.
The buyer, an affiliate of Asian grocery store chain Lotte Plaza Market, paid $13 million, or $259 a square foot for the store. Lotte also owns an adjacent retail building currently leased to Floor & Décor, records show.
Burdines developed the furniture store on a 4.5 acre site in 1997, records show. Macy’s is leasing back the furniture store from Lotte, records show.
In February, Macy’s sold another furniture store in Boca Raton to Christ Fellowship Church for $23.5 million. The store is temporarily leasing the property from the church until Macy’s finds a new building, the company’s spokesperson said.
