Hagerstown Macy’s Building Sold To Valley Mall Owner

WASHINGTON COUNTY, Md. — The owner of the Valley Mall outside of Hagerstown, Md., has purchased the former Macy’s building.

A landholding company for Pennsylvania Real Estate Investment Trust called PR Valley Anchor M- Limited Partnership, bought the shuttered Macy’s building attached to the Valley Mall for $2.5 million on April 7, according to a deed filed in Washington County.

The building was originally a Hecht’s department store that opened in 1999. Hecht’s was a Baltimore born retailer later owned by May Department Stores. Hecht’s and May Department Stores was acquired by Macy’s parent Federated Department Stores in 2005. The following year, Macy’s replaced Hecht’s name on its buildings, as it did with many other department stores it acquired.

The move gives the mall operator direct control over what goes into that space by being the sole owner. Sometimes malls can have messy relationships with shuttered anchors, with the anchors preferring to sell and market the property themselves to recapture some profit. That could cause a multi-year vacancy.

In March, the Washington County Board of Elections received approval from the Washington County Commissioners for a 20,000 square-foot space in the 120,000-square-foot building, according to a Herald-Mail report. That also shows that the former Macy’s will likely be carved out into multiple spaces for stores, offices and other uses.

 

Advertisements

2 thoughts on “Hagerstown Macy’s Building Sold To Valley Mall Owner

  1. The new brochure for valley mall came out today on priets website and BELK is coming to Hagerstown! I guess it’s replacing Macy’s but could be in the half of Sears that was supposed to be redeveloped. Any word on Bj’s? Doesn’t look like any work has been done.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s