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Downtown Portland retail space sells for $54 million
Chuck Slothower//November 10, 2016//
Macy’s Inc. has signed a contract to sell its downtown Portland store for $54 million.
The transaction is expected to close by the end of the year, the company stated Thursday in an update for investors.
A Macy’s spokeswoman declined to reveal the buyer.
The store at Southwest Fifth Avenue and Morrison Street was on the market as part of the troubled retailer’s move to sell off real estate in cities across the nation.
Macy’s also sold a building in San Francisco, and is exploring options for locations in Minneapolis, Chicago and New York City, the company said.
The retailer will also close its store in Salem’s Lancaster Mall in early 2017.
Macy’s other stores in the Portland area were unaffected by the round of closures.
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