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Macy’s sells Fort Collins building to Foothills developer for $5.5M

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FORT COLLINS — Macy’s Inc. (NYSE: M) sold its department store in the Fort Collins Foothills Mall this month to one of the private equity firms that led the mall’s redevelopment in the early part of the previous decade. Purchase price was $5.5 million.

The exterior of the Macy’s building at Fort Collins’ Foothills Mall. Dan Mika/BizWest

A subsidiary of Chicago-based Walton Street Capital LLC purchased on April 15 the property that contains the 128,550-square-foot building and parking lot at 235 Foothills Pkwy., according to Larimer County property records. Assessors last valued the property at $4.5 million.

Walton Street and Denver-based Alberta Development Partners LLC were tapped in 2012 to lead the redevelopment of the midtown shopping center, with Alberta handling the leasing operations.

In a statement, Macy’s said the company has now signed a lease on the building and plans to continue operating there as normal.

It did not comment on the potential to sell other Macy’s properties in Colorado.

The legacy retailer closed 125 stores nationwide in early February after years of losing revenue to e-commerce. It closed all of its stores in March to reduce the spread of coronavirus between customers and employees, and many of its stores remain closed due to various local and state stay-home orders.

Various financial outlets reported last month that Macy’s executives are looking to raise as much as $5 billion in new debt to weather the sales shutdown due to the COVID-19 crisis.

Walton Street and Alberta Development did not respond to requests for comment Tuesday or Wednesday afternoon.

 

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FORT COLLINS — Macy’s Inc. (NYSE: M) sold its department store in the Fort Collins Foothills Mall this month to one of the private equity firms that led the mall’s redevelopment in the early part of the previous decade. Purchase price was $5.5 million.

The exterior of the Macy’s building at Fort Collins’ Foothills Mall. Dan Mika/BizWest

A subsidiary of Chicago-based Walton Street Capital LLC purchased on April 15 the property that contains the 128,550-square-foot building and parking lot at 235 Foothills Pkwy., according to Larimer County property records. Assessors last valued the property at $4.5 million.

Walton Street and Denver-based Alberta Development Partners LLC were tapped in 2012 to lead the redevelopment of the midtown shopping center, with Alberta handling the leasing operations.

In a statement, Macy’s said the company has now signed a lease on the building and plans to continue operating there as normal.

It did not comment on the potential to sell other Macy’s properties in Colorado.

The legacy retailer closed 125 stores nationwide in early February after years of losing revenue to e-commerce. It closed all of its stores in March to reduce the spread of coronavirus between customers and employees, and many of its stores remain closed due to various local and state stay-home orders.

Various financial outlets reported last month that Macy’s executives are looking to raise as much as $5 billion in new debt