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|Macy’s, Inc. Completes Sale of Downtown Minneapolis Property|
Store anticipated to close in spring 2017 and slated for redevelopment by 601W Companies
“As a part of our overall real estate strategy, Macy’s has been
investigating the best possible use for this property, especially given
the large amount of unproductive and unused space on the upper floors.
We have talked with a wide variety of partners in pursuit of a plan that
would create the most value for the company and the community, and are
pleased that the new owner intends to invest substantial capital to
repurpose the building,” said
“Macy’s – and originally Dayton’s – has served the downtown
The company noted that it has been honored to continue the traditions of
the Downtown store that the community has cherished for decades and is
committed to ensuring that much of the Dayton’s heritage is preserved.
For instance, the Dayton- Hudson archive display will be moved and
displayed in the Southdale store.
The original location opened as a Dayton’s store in 1902 and was
expanded several times until 1945. The store was renamed as Marshall
Field’s in 2001. Marshall Field’s was acquired by
Going forward, Macy’s workforce in
The purchase price for the property was
About 601W Companies
The principals of 601W oversee one of America’s leading private real
estate acquisition, ownership, development and management portfolios in
the country. Over the past 25 years, 601W has acquired a number of
substantial and well-known commercial properties throughout the country,
aggregating 45 million square feet, with a collective value in excess of
About Macy’s, Inc.
Macy’s, Inc., with corporate offices in
All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed real estate and other transactions, prevailing interest rates and non-recurring charges, store closings, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet, mail-order catalogs and television shopping and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission. Macy’s disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)
Source: Macy’s, Inc.