Benderson Development has purchased the Macy's Men's Store property at Boulevard Mall in Amherst for $4.25 million from Macy's Retail Holdings.
For now, Macy's will lease the space from Benderson and the Macy's Men's Store will remain open.
"We feel it’s incredibly well positioned real estate and love that the building has its own separate identity, great visibility and exterior entrances," said Eric Recoon, vice president of development and leasing for Benderson.
Commercial real estate near that high-traffic corner of Niagara Falls Boulevard and Maple Road is in high demand, Recoon said. It's located just down the street from The Boulevard, which he called Benderson's "most powerful" Western New York shopping center.
Macy's tends to own its own properties, rather than lease them from the malls to which they are attached. Benderson bought other Macy's properties at McKinley Mall last year, a shuttered department store and a shuttered furniture store.
The most recent Benderson purchase does not involve the Macy's department store located elsewhere in the Boulevard Mall, or any mall-owned property.
The struggling Macy's has been closing stores and divesting properties and has made $150 million in real estate proceeds since August 2016.
Neither Macy's nor the Boulevard Mall could immediately be reached for comment.