Macy’s parent company has unloaded its two vacant properties at Crossgates mall, giving the shopping center’s owner a chance to revive the long-dormant retail spaces.
Federated Department Stores last month sold the anchor spaces previously occupied by Lord & Taylor and Macy’s to an entity associated with the Crossgates’ Syracuse parent, The Pyramid Cos. Deeds filed with the Albany County clerk’s office on Dec. 23 show Pyramid paid $4 million and $5.5 million.
The sales conclude Federated’s years-old effort to shed the mammoth vacant properties — an initiative that dates back to the company’s $11 billion acquisition of May Department Stores.
“These [properties] have been for sale for a couple of years,” said Federated spokesman Jim Sluzewski.
It is not clear why it took Federated so long to sell the Guilderland properties. Pyramid spokesman Earl Wells and Crossgates spokeswoman Sara Boniface did not immediately return calls seeking comment.
Federated, reeling from the worst holiday shopping season in almost four decades, last week announced plans to close 11 flagship stores. The Capital Region’s Macy’s in Colonie, Guilderland and Rotterdam were not targeted for shut down.
Pyramid is acquiring the two large retail spaces at a time when mall tenants are either scaling back expansion plans or closing locations.