Macy’s sells San Diego store to Westfield Corp.—and then leases it back

Mall owner Westfield Corp. has acquired two buildings owned by Macy’s at Westfield Mission Valley mall in San Diego for approximately $16.5 million.



Included in the sale were a full-line Macy’s department store and a nearby — and much smaller — building that houses a restaurant.



The purchase comes as the retailer remains under pressure from an activist investor to sell off full or partial stakes in some of its real estate.



A Macy’s spokesman said the Westfield Mission Valley sale is not connected to any other deals, Women’s Wear Daily, reported.



“This was a one-off opportunity to sell the building to Westfield and lease it back,” he said in the report.