August 13, 2015
Macy's closing its department store in Kailua in Windward Oahu
By Duane Shimogawa
Macy’s is closing its department store in Downtown Kailua in Windward Oahu, one of the largest ground lease tenants acquired by Alexander & Baldwin nearly two years ago, multiple sources confirmed to PBN Thursday.
The retail giant elected not to renew the ground lease, and will the close the 61,577-square-foot store in early 2016, a store manager told PBN. The building at 573 Kailua Road, which is owned by Macy’s, was built in 1954 as a Liberty House store, according to property tax records.
The store sits on nearly an acre of land, which is ground-leased from Honolulu-based Alexander & Baldwin Inc. (NYSE: ALEX) subsidiary A&B Properties Inc.
A&B purchased the leasehold interest for about $33.8 million in 2013 as part of a bigger $375 million purchase of the commercial town core of Kailua and other Hawaii properties from Kaneohe Ranch and the Harold K.L. Castle Foundation.
Macy’s store employees in Kailua were informed of the store’s impending closure Thursday morning.
Cincinnati-based Macy's Inc. (NYSE: M) has about a dozen stores in Hawaii and most recently closed its Downtown Honolulu location, which was replaced by a Walmart store.
PBN has reached out to Jon Moyer, director of asset management in Kailua for A&B Properties and Macy’s for comment.
http://www.bizjournals.com/pacific/news/2015/08/13/macys-closing-its-department-store-in-kailua-in.html
No comments:
Post a Comment