Macy’s offered in online auction
STEUBENVILLE — The former Macy’s space at the Fort Steuben Mall is being offered in an online auction that will take place June 18-20, with a minimum bid of $150,000.
CBRE, a national commercial real estate firm, is handling the sale from its Pittsburgh office through Ten-X, a national firm that handles online commercial real estate auctions. The local store is one of three being auctioned in June.
CBRE’s Jake Gold said the Steubenville Macy’s sale is not unusual in the region.
“We have dealt with three other Macy’s, including Washington and Monaca, Pa. We sold both of them,” Gold said.
He noted the loss of big retail stores nationwide is part of the changing market.
“People can get very creative in the uses. It depends on what they pay for the property and what they’re interested in using it for,” he said. “People are seeing a lot of opportunity there, but there is a lot of space and you need to make sure you can get value out of it.”
He noted the Fort Steuben Mall’s former Macy’s is a two-story structure, which can benefit certain users depending upon what they would want the space to become.
Though retail is changing, he said the Fort Steuben Mall area still has strong anchors at the mall and in the area.
“A lot of big boxes are on the market now. People have to get more creative about how they will fill it,” he said.
The Fort Steuben Mall Macy’s closed a year ago. The mall itself has passed to a new owner following a foreclosure sale in 2017. Though the Macy’s and Sears stores that were at the mall closed, the J.C. Penney store has survived a few rounds of the brand’s corporate store closings.
The online auction page for the former Macy’s lists the starting bid at $150,000 with a $5,000 deposit for participation.
The site is 132,330 square feet, according to the Ten-X page.
Potential bidders will be able to schedule tours prior to the auction.
The sale description notes the presence of the Wal-Mart Supercenter, Dick’s Sporting Goods, Pet Supplies Plus, J.C. Penney, Aspen Dental and Texas Roadhouse at the mall. Also noted is the proximity to “several elementary and high schools, as well as the Franciscan University of Steubenville and Eastern Gateway Community College.”
The building is on 10.098 acres and is “an excellent redevelopment opportunity,” less than 30 miles from Wheeling and less than 50 miles from Pittsburgh, the description notes.
The other Macys being auctioned June 18-20 are in Glen Allen, Va., with a starting bid of $350,000, and Fort Gratiot, Mich., with a starting bid of $250,000. Both are part of shopping malls.
(Giannamore can be contacted at email@example.com.)