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Macy's, Inc. Looks for Another Windfall in San Francisco [The Motley Fool]

MACY'S (M)  More Company Research Source: The Motley Fool
Last macy's earnings: 8/15 08:00 am Check Earnings Report
US:NYSE Investor Relations: macysinc.com/ir
PDF Macy's hopes to sell the I. Magnin building -- part of its enormous San Francisco flagship store -- in 2018. This asset sale could bring in proceeds of $250 million or more. A little more than a year ago, department-store giant Macy's ( NYSE:M ) closed the sale of its 248,000-square-foot men's store in downtown San Francisco. This deal -- one of its biggest moves so far in its quest to monetize some of its valuable real estate -- brought in proceeds of $250 million . During 2017, Macy's also announced plans to lease out 10,000 square feet of ground floor space in its San Francisco flagship store, which stands around the corner from the men's store. This valuable space facing Union Square could bring in $6 million to $7 million of rent annually. Macy's isn't done trying to extract value from its San Francisco real estate, though. It's now looking to sell part of the San Francisco flagship , in a development that the San Francisco Chronicle reported on last Mond [Read more]

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