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.