Simon buys seven Federated stores
Macy’s Department Stores at the Pheasant Lane Mall in Nashua and the South Shore Plaza in Braintree, Mass., and the Filenes store at the Burlington Mall in Burlington, Mass., are among the seven Federated Department Stores retail real estate giant Simon Property Group will be purchasing, according to an announcement released by company officials.
The purchasing deal is expected to close in July. The other four Federated businesses are located in Indiana.
While plans for the Macy’s location at the Pheasant Lane Mall have not yet been announced, Simon said its plans for the Burlington Mall Filenes and Macy’s in Braintree include the opening of Nordstrom Department Stores and the addition of specialty stores and restaurants by spring 2008 and spring 2009, respectively.
The Macy’s Department Store in Bedford was not among the list of properties sold to Simon.
In addition to the property purchases, SPG announced plans to terminate operating leases at Macy’s at the North Shore Mall in Peabody, Mass., and one in Pittsburgh, Pa. The Filenes at the Mall at Chestnut Hill in Newton, Mass., will be converted and reopened as a Bloomingdale’s by the fourth quarter of 2006.
Additional properties in Pennsylvania and California will undergo similar transformations, the company said.
“We are excited about the opportunities for significant redevelopment at our properties presented by the acquisition and control of these department store buildings,” said Richard S. Sokolove, president and CEO of SPG. “We have once again demonstrated our ability to successfully re-tenant department store buildings that become available in our high-quality retail real estate portfolio of malls.” – TRACIE STONE