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CINCINNATI-As part of its divesture after acquiring May Department Stores Co., Federated Department Stores has sold four mall locations to Target Corp. With this agreement, Federated now has announced buyers for 62 of its 80 duplicate locations.
The stores included in the sale are: the 153,000-sf Macy's Coronado Center, Albuquerque, NM; the 175,000-sf Macy's Westminster Mall, Westminster, CA; the 179,000-sf Robinsons-May Glendale Galleria, Glendale, CA; and the 186,000-sf Strawbridge's Springfield Mall, Springfield, PA.
Federated said proceeds from this transaction are included in the $400 million to $500 million after-tax total expected from the sale of duplicate stores nationwide, as previously announced.
On Wednesday, Federated announced an agreement with Pennsylvania Real Estate Investment Trust sell floors one through six of the former Strawbridge & Clothier department store building at Eighth and Market streets. The Strawbridge building is located next to locally based PREIT's 527,000-sf Gallery at Market East. The portion acquired by PREIT aggregates approximately 550,000 sf, which PREIT plans to utilize for retail and office space.
Federated operates 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's, Bloomingdale's, Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, L.S. Ayres, Marshall Field's, Meier & Frank, Robinsons-May, Strawbridge's and the Jones Store.
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