Federated sells 15 mall stores to Westfield Group
By Staff -- Home Textiles Today, 2/17/2006 1:19:00 PM
Cincinnati — Federated Department Stores is selling 15 mall locations to Australia-based developer The Westfield Group; 13 are in locations where Federated already has a mall presence and stem from the May Co. acquisition late last year. Two others will undergo reconstruction and be leased back to Federated.
The 13 units to be sold comprise six Robinsons-May and four Macy’s stores in California, a Macy’s in Ohio, another in Connecticut and a Hecht’s store in Wheaton, Maryland. They range in age from 15 to 37 years, and in size from 112,000 to 217,000 square feet. The two leaseback stores are in La Jolla and Santa Ana, Calif.
The $27 billion retailer said three of the 15 stores will be sold to Westfield for $18.5 million in cash. The remaining units will be transferred in a tax-deferred in-kind exchange of 12 stores for 12 former May department store properties currently owned by Westfield and leased to Federated.
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