Macy’s Sells San Diego Store

Macy’s (Cincinnati) has sold its Mission Valley property in San Diego to the Westfield Group (Los Angeles), owner of the mall the property is in. The property was sold for $16.5 million. Macy’s will now lease the property from Westfield. The agreement lasts until January 2017.

The San Diego Union-Tribune reports the move comes after a drop in profits for Macy’s and after the company announced store closings in January.