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60 percent of downtown Miami Macy's site purchased for $15.5 million

A New York investment firm has paid $15.5 million to acquire 60 percent of the property presently occupied by Macy's Flagler Street location, it was learned Wednesday.

Commercial real estate observers have reacted to the news with interest, since it might have an impact on the development and future of downtown Miami.

The investment company, Aetna Realty Group, also wants to buy the remaining portion of real estate that Macy's now occupies, but a deal for that parcel has not yet been finalized.

A spokesman for Macy's said he did not think the purchase would have any immediate impact on the Flagler Street store, but he would not comment beyond that.

Macy's lease runs until 2016, but the store, Macy's corporate office and Miami officials have not always had a pleasant relationship. In 2007, Macy's Florida chairman castigated city leaders publicly for the grungy condition of downtown Miami and threatened to leave if things did not improve.

If Macy's does chose to leave, that will open up a very large portion of some prime downtown real estate. Right now, Macy's is what is called an "anchor tenant," meaning it is a big and important attraction that lures shoppers to the area, and hence to other smaller retailers nearby.Most real estate professionals would agree that an anchor tenant is crucial, and that the type of anchor tenant a development or area has will dictate its character.

Source: The Miami Herald, "Portion of Macy's Flagler Street property sold," Elaine Walker, Jan 2, 2013

  • In our Miami office, we often help clients when they have issues concerning commercial real estate. For more information on that line of our business, we invite you to visit the Commercial Real Estate portion of our website.

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