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By Mike Hazlip–
Namdar Realty Group, a commercial real estate investment group based in New York, hasacquired the 172,000-square-foot Women’s Macy’s building on the east side of Sunrise Mall, according to the Sacramento Business Journal.
The $3.5 million sale now gives Namdar ownership of both Macy’s locations and their associated parking areasat the mall, the Journal reported Monday. Namdar is the majority owner of Sunrise Mall and had previously acquired the Men’s Macy’s at the north end of the mall.
Macy’s spokesperson Emily Goldberg told the Journal the company will continue to lease the space back from Namdar and keep the retail location open. Large anchor retail tenants at malls usually own their own properties, which can hinder redevelopment.
The sale comes amid talks to redevelop the mall as taxable retail sales have declined by 28% over the past 10 years, according to data from the City of Citrus Heights. The city has been working with mall owners and MXD Development Strategists to develop new ideas for redeveloping the nearly 100-acre Sunrise Mall property.
Public input has been part of the redevelopment strategy through the Sunrise Tomorrow project.A workshop was also held earlier this year where the public was invited to contribute ideas for the future of the property.
According to a city survey, a top request by residents is for an open space area at a re-envisioned mall site for walking paths and hosting live entertainment. In March, city leaders selected a preferred “21st Century Main Street” conceptual plan for the mall, that calls for at least one hotel, over 800 residential units, a looping bike path, major office space and a “town center” for outdoor events.
The Journal reported JC Penny and the vacant Sears location at Sunrise Mall are still under separate ownership, which means it could be difficult to get agreement from all parties involved on a plan for the mall’s future. The city’s preferred conceptual plan incorporates the existing Women’s Macy’s and JC Penny.
Editor’s Note: This story was written by Mike Hazlip, who has joined the Citrus Heights Sentinel as a general assignment news reporter.
Mike is a CSU Sacramento graduate, where he worked on the staff of The Hornet newspaper and received bachelor’s degrees in both photography and graphics design. He and his family are proud to be residents of Citrus Heights.
We welcome Mike to the staff of the Citrus Heights Sentinel and sincerely thank our subscribers for making this possible.
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