Macy’s, which has been a fixture at the Galleria shopping mall in White Plains, has sold the site it occupies to the owner of the mall, WP Galleria Realty LP of El Segundo, California, for $27 million. It is an entity of Pacific Retail Capital Partners.
Macy’s held title to the property it has been occupying since it moved into the Galleria from its former standalone site at the corner of Mamaroneck Avenue and Main Street, which eventually was torn down to make way for developer Louis Cappelli to build the City Center.
Macy’s property had been in the name of Macy’s Retail Holdings Inc. of Cincinnati.
A spokesperson for Macy’s told the Business Journal, “As part of its real estate strategy, Macy’s Inc. has been reviewing its real estate portfolio across the country to see if there are opportunities to improve the use of our assets. After careful consideration, Macy’s has decided to sell the White Plains store. We will continue to operate the store under a lease and the store will operate as it does today.”
Pacific Retail Capital Partners told the Business Journal it “has purchased the Macy’s store that anchors the east end of the Galleria at White Plains from the retailer, positioning it for future growth and master planning opportunities. Macy’s will continue to operate the department store which spans the block between Main Street and Martine Avenue. This investment demonstrates Pacific Retail’s ongoing commitment to the White Plains community and the Galleria, which has been a signature element of the city’s downtown since opening almost 40 years ago.”