ARLINGTON, TX-A private investor group from California has acquired the 162,000-square-foot former Macy’s building at Six Flags Mall and is in talks to purchase the in-line portion of the mall plus the former JCPenney’s building, which totals roughly 363,665 square feet.
The buyer, known as 14 Acres in Arlington LP, bought the vacant box from 2901 Division LLC, a Texas-based partnership. Although the price was not disclosed, local sources estimate the property sold for about $2.2 million.
Located on the north side of Six Flags Mall fronting Galleria Drive, the vacant Macy’s store also includes approximately 14 acres. It was on the market for more than a year and fell out of contract once before closing, says Brandon Beeson, a retail investment sales specialist with Cushman & Wakefield’s Dallas Capital Markets Group. He brokered the transaction for the seller, along with Stephannie Mower and Will Walters.
Beeson tells GlobeSt. the vacant box received five offers that varied widely based. “There’s a lot of speculation about this former Macy’s building and the entire mall – there’s talk of redeveloping the entire site given its proximity to the Dallas Cowboys stadium or turning the whole site into parking,” he says.
Brad Cruickshank of The Woodmont Co. is marketing Six Flags Mall’s inline space and JC Penney on behalf of International Bank of Commerce, which foreclosed on the property. It is listed at $8.5 million.
The total property offers 975,732 square feet on more than 81 acres. In addition to the vacant Macy’s, a vacant Sears box is also available for purchase from another seller.
Cruickshank tells GlobeSt. that no contracts have been signed for the regional mall space, but did confirm that the same organization that acquired the vacant Macy’s building has expressed interest in the property.
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