In a significant real estate deal, Macy’s has sold one of its shuttered stores at the Pompano Citi Centre mall to a partnership between The Morgan Group and private equity firm Carlyle Group for $10.86 million. The sale includes the former Macy’s retail building and surrounding parking lots, setting the stage for a large residential development on the site.
The Deal Details
The transaction occurred through two separate deeds, confirmed by property data firm Vizzda. Macy’s Retail Holdings, part of the Ohio-based department store giant, sold its 150,353-square-foot building at 1200 N.E. 23rd Street for $10.01 million. The store, originally built in 1969 on a 6.7-acre site, has been closed since early 2020.
In a related transaction, SVAP Pompano Citi Centre, an affiliate of West Palm Beach-based Sterling Organization, sold 5.4 acres of parking lot space for $8.85 million. Despite the sale, Sterling Organization still owns a significant portion of the remaining mall.
Future Development Plans
The Morgan Group, a Houston-based developer, originally filed plans to redevelop the site in 2020. The proposed project was approved for 356 apartments spread across eight buildings, each four stories tall. The site will also include 545 parking spaces to accommodate residents. This redevelopment marks a shift in how malls across South Florida are adapting to changing retail landscapes by incorporating multifamily housing into their spaces.