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Macy’s Sells Space at Parmatown Mall for $2.5M

Phillips Edison Picks Up 270,000 SF of Retail Space
December 10, 2012
Macy’s Inc. sold its 271,479-square-foot portion of Parmatown Mall to Phillips Edison Strategic Investment Fund for $2.5 million, or about $9 per square foot. Phillips Edison also recently purchased the rest of Parmatown Mall for an unspecified amount.

Phillips Edison plans to engage in a large-scale redevelopment of the entire retail building, which was built in 1965, to attract new tenants.

Kelly & Visconsi Associates brokered the deal for the seller.

Please see CoStar COMPS #2578596 for more information on this transaction.
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