ARLINGTON, VA-Macy's has sold a portion of its space at the Ballston Common mall here to an affiliate of Forest City Washington for $13.4 million.
The deal for the Macy's Furniture Gallery space and office space above the Macy's department store is key to Forest City Washington's plan to redevelop the nearly 580,000-square-foot retail property. With the Macy's properties in hand, Forest City will now be able to obtain approvals from Arlington County to move forward with its redevelopment plans, according to the Washington Business Journal.
Forest City Washington Chief Operating Officer Thomas Hennenberry said in published reports earlier this year the company's plan involves tearing down the mall's eastern end at North Randolph Street and replacing it with a row of shops topped by residential towers. See story in the Washington Business Journal.
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