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San Francisco — A partnership between Blatteis & Schnur and Morgan Stanley Real Estate Investing has acquired the 250,000-square-foot Macy’s Men’s Store located on Union Square in San Francisco for $250 million.
The eight-story property, located at 120 Stockton Street, will be redeveloped into a mixed-use, retail-driven center. Anticipated uses for the development include flagship retail, art galleries, artisanal food and upscale restaurants and creative office space.
A rooftop amenity is also being considered for the project, scheduled to open in 2021. Macy’s Men’s Store will remain as a tenant while the design, renovation and leasing of the new development progresses. Eastdil Secured acted as advisor to Macy’s Inc. in the transaction.