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Macy’s sells property at the Mall at Greece Ridge
The final day of work for the 50 employees at the Macy's stores in The Mall at Greece Ridge will be April 11. (File photo by Kevin Oklobzija)
The final day of work for the 50 employees at the Macy's stores in The Mall at Greece Ridge will be April 11. (File photo by Kevin Oklobzija)
Macy’s sells property at the Mall at Greece Ridge
Listen to this articleMacy’s has sold the property that houses its department store at the Mall at Greece Ridge, part of the retailer’s continuing nationwide real estate selloff.
Del Associates XVII, LLC, paid $2.6 million for the property at 397 Greece Ridge Center Dr., according to the deed filed on Wednesday with the Monroe County Clerk’s Office.
The store anchors the northwest corner of the mall facing West Ridge Road. The University Park, Fla., address for Del Associates XVII is affiliated with Benderson Development, LLC.
Macy’s did not immediately respond to a request for information, so it is unclear how the sale may impact the store’s future.
The New York City-based department store giant is in the midst of what it calls its “bold new chapter,” implementing shopping initiatives at 50 select locations to enhance the customer experience.
At the same time, Macy’s is targeting the closing of approximately 55 underperforming stores before the end of the year — and 150 by 2026 — as it reduces its real estate portfolio.
Macy’s initially intended to sell around 50 properties this year, but CEO Tony Spring said during Wednesday’s earnings call with investors that the number is increasing.
“While non-go-forward locations are underperformers relative to the total Macy’s fleet, they are valuable real estate assets,” Spring said in the conference call. “Demand for these properties has been strong.
“We are pleased with the pace and the quality of deal-making and now expect to close approximately 55 stores this year vs. prior expectations of roughly 50. We will continue to thoughtfully evaluate all opportunities presented to us, but given our strong balance sheet and that we have no material debt maturities until 2027, we will not execute a deal unless it is accretive.”
The Mall at Greece Ridge is owned and operated by Wilmorite Management Group, LLC, but anchor properties are traditionally owned by the tenant.
Another anchor property at the mall is being converted to a True Storage facility. Sears closed in 2018 and Wilmorite bought the property at auction in 2023. Earlier this year, the mall owner sold the building to entities affiliated with True Storage, a New Hampshire-based self storage firm.
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