{"id":1004157717,"date":"2016-11-01T08:13:45","date_gmt":"2016-11-01T16:13:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004157717"},"modified":"2020-05-21T02:35:54","modified_gmt":"2020-05-21T10:35:54","slug":"macys-continues-restructuring-sells-assets-to-ggp","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/","title":{"rendered":"Macy\u2019s Continues Restructuring, Sells Assets to GGP"},"content":{"rendered":"<p>By Ioana Neamt<\/p>\n<div id=\"attachment_1004157718\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Tysons-Galleria.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004157718\" data-attachment-id=\"1004157718\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/tysons-galleria\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Tysons-Galleria-e1478075488942.jpg\" data-orig-size=\"1152,872\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Ioana Neamt&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1478017767&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Tysons Galleria\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Tysons-Galleria-e1478075488942.jpg?w=1024\" class=\"wp-image-1004157718 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Tysons-Galleria-e1478075488942.jpg\" alt=\"Tysons Galleria, McLean, Va.\" width=\"300\" height=\"227\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Tysons-Galleria-e1478075488942.jpg 1152w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Tysons-Galleria-e1478075488942.jpg?resize=300,227 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Tysons-Galleria-e1478075488942.jpg?resize=768,581 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Tysons-Galleria-e1478075488942.jpg?resize=1024,775 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004157718\" class=\"wp-caption-text\">Tysons Galleria, McLean, Va.<\/p><\/div>\n<p><strong>Cincinnati<\/strong>\u2014<a href=\"https:\/\/www.macys.com\/?cm_mmc=Google_Trademark_International-_-Macys+Trademark+Romania+-+G_Macy%27s+Romania-_-43774118734-_-macy%27s_e_c_kclickid_9afb6ab7-99dc-420d-ba79-838247757b03&amp;trackingid=407x16409&amp;gclid=CO3fg-Tih9ACFQ4R0wodO4YNTA\" rel=\"nofollow\" target=\"_blank\">Macy\u2019s Inc.<\/a> is pushing on with its plan to operate fewer brick-and-mortar locations and focus on better-performing assets and a stronger digital presence with the disposition of five retail stores to <a href=\"https:\/\/www.ggp.com\/\" rel=\"nofollow\" target=\"_blank\">General Growth Properties<\/a> for $46 million.<\/p>\n<p>Four of the stores were sold in the third quarter of 2016, while the Greenwood Mall property was sold earlier in the year. The portfolio comprised:<\/p>\n<ul>\n<li>The 151,000-square-foot Carolina Place in Pineville, N.C., opened in 1993;<\/li>\n<li>The 104,000-square-foot Oakwood Mall in Eau Claire, Wis., opened in 1991;<\/li>\n<li>The 146,000-square-foot Quail Springs Mall in Oklahoma City, opened in 1986 (the store was closed in spring 2016);<\/li>\n<li>The 265,000-square-foot Tysons Galleria in McLean, Va., opened in 1988; and<\/li>\n<li>The 124,000-square-foot Greenwood Mall in Bowling Green, Ky., opened in 1980.<\/li>\n<\/ul>\n<p>Macy\u2019s will continue to operate Tysons Galleria on a lease from General Growth Properties, and also operates another <a href=\"https:\/\/www.commercialsearch.com\/news\/retail\/\" target=\"_blank\">retail store<\/a> in McLean, Va., at the nearby Tysons Corner Center. Carolina Place, Greenwood Mall and Oakwood Mall will continue operations through the holiday season and will be closed in the spring of 2017. Macy\u2019s expects to realize a profit of $32 million from the portfolio sale in the third quarter of fiscal year 2016.<\/p>\n<p>The disposition of the five assets falls in line with <a href=\"https:\/\/www.commercialsearch.com\/news\/macys-closing-100-stores-following-drop-in-sales\/\" target=\"_blank\">Macy\u2019s strategy<\/a> to close down weak-performing assets and concentrate its financial resources on growing a strong online presence and better-performing stores. The company plans to close 100 stores\u2014roughly 15 percent of its properties\u2014in early 2017, following a steep drop in sales over the past year. The reinvestment plan was first announced in January, as previously reported by <em><a href=\"https:\/\/www.commercialsearch.com\/news\/macys-to-close-more-stores-seek-partnerships\/\" target=\"_blank\">Commercial Property Executive<\/a><\/em>.<\/p>\n<p><em>Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The $46 million sale follows Macy&#8217;s announced plans to close roughly 15 percent of its properties by next year.<\/p>\n","protected":false},"author":192,"featured_media":1004507575,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1583,21743,13,23891,21742,21749],"tags":[],"class_list":["post-1004157717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cincinnati","category-deals","category-midwest","category-national","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Macy\u2019s Continues Restructuring, Sells Assets to GGP - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Macy\u2019s Continues Restructuring, Sells Assets to GGP\" \/>\n<meta property=\"og:description\" content=\"The $46 million sale follows Macy&#039;s announced plans to close roughly 15 percent of its properties by next year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-11-01T16:13:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-21T10:35:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Tysons-Galleria.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1364\" \/>\n\t<meta property=\"og:image:height\" content=\"872\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/\",\"name\":\"Macy\u2019s Continues Restructuring, Sells Assets to GGP - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Tysons-Galleria.jpg\",\"datePublished\":\"2016-11-01T16:13:45+00:00\",\"dateModified\":\"2020-05-21T10:35:54+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/993af2799cdaf5162633d320cf63ff16\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Tysons-Galleria.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Tysons-Galleria.jpg\",\"width\":1364,\"height\":872},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Macy\u2019s Continues Restructuring, Sells Assets to GGP\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/993af2799cdaf5162633d320cf63ff16\",\"name\":\"Ioana Neamt\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c23143e2bbd052c3212795512e12716f2eb2fe548856495df0a99e5404af3d75?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c23143e2bbd052c3212795512e12716f2eb2fe548856495df0a99e5404af3d75?s=96&d=mm&r=g\",\"caption\":\"Ioana Neamt\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/ioana-neamtyardi-com\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Macy\u2019s Continues Restructuring, Sells Assets to GGP - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/","og_locale":"en_US","og_type":"article","og_title":"Macy\u2019s Continues Restructuring, Sells Assets to GGP","og_description":"The $46 million sale follows Macy's announced plans to close roughly 15 percent of its properties by next year.","og_url":"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2016-11-01T16:13:45+00:00","article_modified_time":"2020-05-21T10:35:54+00:00","og_image":[{"width":1364,"height":872,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Tysons-Galleria.jpg","type":"image\/jpeg"}],"author":"Ioana Neamt","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/","url":"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/","name":"Macy\u2019s Continues Restructuring, Sells Assets to GGP - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Tysons-Galleria.jpg","datePublished":"2016-11-01T16:13:45+00:00","dateModified":"2020-05-21T10:35:54+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/993af2799cdaf5162633d320cf63ff16"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Tysons-Galleria.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Tysons-Galleria.jpg","width":1364,"height":872},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/macys-continues-restructuring-sells-assets-to-ggp\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Macy\u2019s Continues Restructuring, Sells Assets to GGP"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/993af2799cdaf5162633d320cf63ff16","name":"Ioana Neamt","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c23143e2bbd052c3212795512e12716f2eb2fe548856495df0a99e5404af3d75?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c23143e2bbd052c3212795512e12716f2eb2fe548856495df0a99e5404af3d75?s=96&d=mm&r=g","caption":"Ioana Neamt"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/ioana-neamtyardi-com\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Tysons-Galleria.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004157717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/192"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004157717"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004157717\/revisions"}],"predecessor-version":[{"id":1004450383,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004157717\/revisions\/1004450383"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004507575"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004157717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004157717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004157717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}