Minneapolis Macy’s Sells for $59M

601W Cos. closed on its $59 million acquisition of Minneapolis’ downtown Macy’s store at 700 Nicollet Mall. The new owner is planning a mixed-use redevelopment for the building. A final clearance sale in the store began in January 2017, and Macy’s Inc. anticipates the store will close in spring 2017.

“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,” said Macy’s Jeff Kantor, in a statement. “601W Cos. has an exciting vision to redevelop the building into creative office space on the upper floors and to pursue retail opportunities on the street and skywalk levels.”

The store originally opened in 1902 as a Dayton’s, and was renamed Marshall Field’s in 2001. Marshall Field’s was acquired by the May Department Stores Co. which, in turn was acquired by Macy’s.

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