The Arkhouse Management and Brigade Capital Management proposal to take Macy's private for $5.8 billion may seem like a lot of money. At one low point last month when share prices were $10.74, the market cap was $2.9 billion, according to data from S&P Global Market Intelligence. As of close of business on December 12, the value had jumped to $5.2 billion, which is still less than the proposed deal.

However, the bid seems a lot lower in the context of the company's real estate value, even during a currently difficult market. Macy's operates nearly 500 stores under its own name, with another 30 locations of Bloomingdale's locations, and some discount and smaller-format shops, according to a Wall Street Journal report.

Nailing down the value of the holdings is difficult. Reuters reported that J.P. Morgan analytics estimated the value of the real estate holdings at $8.5 billion, or $31 a share. That includes the $3 billion value of the company's famous flagship Herald Square property in Manhattan. Investment bank Cowen values the real estate holdings at between $6 billion to $8 billion.