Mall owner Westfield Corp. has acquired two buildings at its Westfield Mission Valley mall from retailer Macy’s Inc., for approximately $16.5 million, according to CoStar Group.
The buildings in the deal were Macy’s current 363,000-square-foot department store property at 1702 Camino Del Rio North, and a smaller nearby 5,500-square-foot retail building that currently houses the restaurant Broken Yolk Café, at 1760 Camino Del Rio North. Macy’s also operates a separate home furnishings store at the same center that was not part of the transaction.
Cincinnati-based Macy’s announced in February that it was examining selling off full or partial stakes in some of its mall-based and other flagship real estate holdings. In Mission Valley and other U.S. locations, Macy’s has remained in place as a tenant under lease agreements with the new owners.
Sydney-based Westfield Corp. owns or holds stakes in six San Diego County retail centers.