Potential Sales of Macy’s-Owned Properties

The idea of department stores selling some of their old, valuable real estate is beginning to permeate the industry. Many investors in Macy’s are encouraging them to take part for the short-term benefits. Macy’s owns or has a ground lease on around two-thirds of its 823 stores. There three most heralded stores, located in New York, Chicago, and San Francisco, are valued at nearly $7 billion. Macy’s executives are hesitant to do sale-lease back deals because they are often not advisable in the long-term. These deals allow for less flexibility to change the space as well as costly rent payments that mimic debt obligations. Macy’s appears to be looking to form a type of joint venture similar to their sale of credit-card receivables to Citigroup in 2005. The company has sold a few stores where the value of the real estate was much greater than the value of the retail operation.

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Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

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