Part of mall for sale

7 Replies

I came across a listing on loopnet where part of a mall was for sale.  its actually the local mall where i live so that listing caught my attention.  One of the anchor tenants(Macy's) recently moved out.  And then i see this listing saying that the former Macy's property for sale. I call the broker he says just the part that was occupied by Macy's is for sale now. How can i buy Part of a mall? that doesn't make any sense to me.  What will they do redraw the parcels?

That was a separate parcel from the beginning, much like an out parcel.

thats the thing. its not a separate parcel. i checked that out. and its connected to the rest of the mall.

It can be physically connected and still be a separate legal parcel. Regardless, that much retail space under one roof may be hard to reposition. Good luck.
Macy's. Sears and anchor tenants typically own their own stores in a mall, so if a mall attempts to redevelop in can be more challenging. While the stores are connected it can easily be a separate property,similar to a townhouse. It also would have its own lot if you checked with the jurisdiction.

@Chris Seveney you say "Macy's. Sears and anchor tenants own their own stores?"  you mean the business or the real estate? it seems like anchor tenants usually rent the real estate.

yes i checked. the entire property is divided up into 7 different parcels.  its one of those huge hundreds of thousands of square foot super malls. yes it does look like, the one anchor tenant that is for sale is part of a separate parcel.  

@Felix Goldstein

In Northern Virginia and in massachusetts Macy's owns the real estate the store is on based on my past experience as I worked on two mall renovations as a general contractor where they were modified into mixed use with housing and part of the agreement was for Macy's to sign off on the deal since they were technically an abutter. 

Originally posted by @Chris Seveney :

@Felix Goldstein

In Northern Virginia and in massachusetts Macy's owns the real estate the store is on based on my past experience as I worked on two mall renovations as a general contractor where they were modified into mixed use with housing and part of the agreement was for Macy's to sign off on the deal since they were technically an abutter. 

 @Chris Seveny, interesting so they werent free standing? it was the one part that sticks out of the mall for an anchor tenant?  yes a lot of companies will buy the real estate their store are on. wal mart, circle k, etc. u say "since they were technically an abutter", huh?