MIAMI-Aetna Realty Group of New York City has paid $15.55 million to purchase more than half of the property that is home to Macy's Flagler Street store here, the Miami Herald reports.
The deal includes the 48,000 sf of land that had been leased to R.W. Burdine in 1917, the newspaper states. Until the sale to Aetna, the property ownership included 23 heirs of Richard and Harriet Ashby, who had signed the initial 99-year lease that expires in 2016.
Aetna was one of three bidders for the property. Another party vying for the parcel was Miami developer the Barlington Group. A Macy's spokesman says the land deal does not impact the retailer's current lease. See story in the Miami Herald.
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