The estimated 100,000-sf store is expected to sell for at least $100 per sf or a total $10 million, brokers and construction industry estimators tell GlobeSt.com. Officials at Federated and General Growth couldn't be reached by GlobeSt.com's publication deadline.
General Growth had planned a multi-million-dollar renovation of the Macy's store but may hold off on those plans until the economy strengthens, local brokers dealing in mall leases tell GlobeSt.com.
In April, Federated closed the three-level, 305,517-sf Downtown Macy's and 80,000-sf Macy's stores at the 1.43-million-sf Perimeter Mall in North Fulton County and the 1.57-million-sf Lenox Square mall in Fulton County.
Also closed was a Macy's at the 1-million-sf Southlake Mall in Clayton County. Federated is negotiating with Dillard's Inc. of Little Rock, AR on selling the Southlake Macy's, brokers following retail investments here tell GlobeSt.com.
At North Lake Mall, a Macy's is now Rich's-Macy's. At the 1.28-million-sf Town Center mall in Cobb County, Federated is allocating one floor as a furniture gallery. The rest of the store is vacant.
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