Macy's Sells Its Store at Tysons Galleria in McLean

Macy's has sold its store at Tysons Galleria but will continue to operate it on a lease from the new owner, the company announced Monday.

Macy’s will continue to operate the Tysons Galleria store on a lease from General Growth Properties. Macy’s also continues to operate another store in McLean at the nearby Tysons Corner Center. The Tysons Galleria store opened in 1988.

Macy’s, Inc. announced Monday it has sold the Tysons Galleria store and several other stores to General Growth Properties as part of its previously announced plan to drive profitable growth by reallocating investments to its highest-growth-potential stores and digital businesses, and to capitalize on opportunities within the company’s real estate portfolio.

Four of the stores were sold in the third quarter and one – the Greenwood Mall store – was sold earlier in the year. The stores are:

• Tysons Galleria in McLean, VA (265,000 square feet; opened in 1988; 125 associates)
• Carolina Place in Pineville, NC (151,000 square feet; opened in 1993; 72 associates)
• Oakwood Mall in Eau Claire, WI (104,000 square feet; opened in 1991; 61 associates)
• Quail Springs Mall in Oklahoma City, OK (146,000 square feet; opened in 1986; no associates as store was closed in spring 2016)
• Greenwood Mall in Bowling Green, KY (124,000 square feet; opened in 1980; 61 associates)

Macy’s will continue to operate the Tysons Galleria store on a lease from General Growth Properties. Macy’s also continues to operate another store in McLean at the nearby Tysons Corner Center.

The purchase price of the stores was $46 million. Macy’s expects to realize a gain of $32 million from the sales in the third quarter of fiscal year 2016.

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