Macy's sells two buildings in San Diego

Los Angeles - Macy's has made some big retail moves recently. The specialty department store chain just sold two buildings in San Diego for 16.5 million dollars. The buildings in the transaction include one full-line store and one smaller building at Westfield Mission Valley.

Westfield Mission Valley, formerly known as Mission Valley Center, operates as a shopping mall with various boutiques and eateries. Some of the residents at the plaza include Express, Active, Bloomingdale’s, New York & Company, PacSun, and more. The total cost of the sale equaled out to 16.5 million dollars. The buildings comprised of a 353,000 square foot space and a 5,500 square foot building as well. The reason that Macy’s decided to sell its two buildings at the mall was purely for business reasons. “This was a one-off opportunity to sell the building to Westfield and lease it back,” a Macy’s spokesman told WWD of the sale. These two buildings are Macy’s most recent ventures in their real estate properties.

Currently, Macy’s Home at Westfield Mission Valley is still operational. The additional store was not included in the recent sale. Macy’s has closed previous stores and is still set to shutter 36 flagships this spring, as reported by WWD. Earlier this year, the department store closed its Irvine Spectrum location as well as a flagship in Sacramento. The locations of the future stores that will shutter are not yet confirmed, however it will range from cities across the U.S.