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Twin Cities Macy's Sold, Gets New Life

MINNEAPOLIS—The iconic retailer is set to shutter dozens of its stores, but these historic properties are valued by office developers.

By Brian J. Rogal | brianjrogal | Updated on March 02, 2017

min-macys-minn (3) The downtown office market has been quite robust for several years, and the historic space will probably find many takers.

MINNEAPOLIS—Macy’s announced earlier this year that it would shutter dozens of its stores in the US due to weak sales, but other investors definitely see value in these properties. 601W Cos., a New York-based national developer, has just bought the Macy’s property in downtown Minneapolis, and plans to transform it into offices and new retail. Macy’s officials say they will get $59 million for the building on Nicollet Mall.

As reported in GlobeSt.com, similar plans have been hatched for a portion of the Macy’s in Seattle, and possibly for the company’s flagship store on State St. in Chicago. 

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