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CINCINNATI-Locally based Federated Department Stores Inc. has agreed to sell nine units to Chicago-based General Growth Properties Inc. Located in GGP malls, the stores total 1.4 million sf.

“These store locations are prime real estate for us to transform them into retail and entertainment destinations,” says GGP’s chief executive officer John Bucksbaum. “We can replace them with another exciting department store or we could transform the space into a collection of retail shops and restaurants. The opportunities are endless.”

The stores to be acquired include two Filene’s, five Macy’s, one Robinsons-May and one Strawbridge’s. The Filene’s stores are located at Maine Mall, Portland, ME, and total 166,000 sf. The Macy’s units are at Natick Mall, Natick, MA, 211,000 sf; Montclair Plaza, Montclair, CA, 147,000 sf; North Star Mall, San Antonio, 178,000 sf; Stonebriar Centre, Dallas, 210,000 sf; and Tucson Mall, Tucson, 138,000 sf. The remaining units are Robinsons-May, Valley Plaza Shopping Center, Bakersfield, CA, 124,000 sf; and Strawbridge’s, Christiana Mall, Newark, DE, 214,000 sf.With these agreements, Federated has now announced buyers for 55 of its 80 duplicate locations since the company’s acquisition of the May Department Stores Co. At the start of the month, Santa Monica, CA-based the Macerich Co. agreed to buy 11 Federated Department Store sites in California, Arizona and Connecticut, and Indianapolis-based Simon Property Group Inc. announced its purchase of seven Federated units located at Simon properties.

Although terms of the sale to GGP were not disclosed, proceeds will be included in the $400 million to $500 million of after-tax proceeds expected from the sale of duplicate stores nationwide.

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