With Macy’s temporarily closing all of its stores due to the COVID-19 pandemic, the retail giant is reportedly seeking a buyer for one of its two stores in Arlington, Va., according to the Washington Business Journal.
Located at 685 N. Glebe Road in the popular Ballston neighborhood, Macy’s Ballston is approved for nearly 350,000 square feet of mixed-use development.
Cushman & Wakefield is marketing the property on behalf of the company. The asking price was not disclosed.
“This site is one of the most dynamic development opportunities in the market today,” Bill Collins, Cushman & Wakefield’s vice chairman, said in a prepared statement. “We have had a tremendous amount of interest from national and international developers looking for a landmark development opportunity.”
Additionally, he noted the Ballston market is one of the fastest growing residential, office and transportation hubs in the Washington area. And with any potential new development expected to take three years to deliver, the timing lines up well with where the economy should be at the time.
Earlier this year, Macy’s announced it would close 125 stores over the next three years, though no details of which locations were given.
In 2019, Brookfield completed the $330 million Ballston Quarter redevelopment, which sits directly adjacent to the Macy’s site, and Jamestown delivered the 595,000-square-foot office building Ballston Exchange across the street at the former National Science Foundation headquarters. A pedestrian bridge was added late last year to connect the two, adding convenient access from Macy’s to the Ballston Metro station.