The Woodland Park, N.J.-based owner of the Eastern Hills Mall has acquired the former Macy’s Department Store building from the Cincinnati-based retailer late last week, paying $1.85 million for the two-story building that was closed following last December’s weak holiday sales.
Mountain Development Corp., through Transit Road Retail LLC, bought the 128,352-square-foot structure, which sits on 10.32 acres at 4555 Transit Road. The building is attached to the mall, but was separately owned by the retailer for more than 20 years. The acquisition allows the mall to reposition the space and lease it to new tenants.
Macy’s had announced in early January that it would close the Eastern Hills store and another one at the McKinley Mall in Hamburg, following a disappointing holiday sales season in December. The closings were part of a larger restructuring round, in which a total of 40 underperforming stores with 4,500 jobs were shuttered around the country. About 155 jobs were eliminated locally in the two stores and a related home store, also at McKinley.