Macy’s location could have new tenants soon
A long-vacant anchor space in Columbia Mall likely won't be empty for long.
Multiple new tenants are moving into what used to be Macy's in the Grand Forks mall, according to Mike Marcotte, the local Century 21 broker for Joy 2001, which purchased the space after Macy's closed its doors.
"There will be three or four new tenants," Marcotte said.
Joy 2001, a California-based property management company, purchased the 99,000-square-foot building in January. Marcotte has been handling leasing and selling in North Dakota for Joy 2001.
A developer is in the process of purchasing the space from Joy 2001, and the agreement should close at the end of October or the middle of November, Marcotte said. Joy 2001 and that developer currently are in the "due diligence process," meaning the developer is making sure everything with the space is in order before finalizing the deal.
Columbia Mall officials declined to comment because they said they did not have enough information on the transaction.
Marcotte could not name the developer or the new tenants of the space, but said it will be retail.
"I think they will be a great addition to the mall and to Grand Forks," Marcotte said.
Macy's shuttered its doors in March of last year as other locations nationwide followed suit. Macy's had been an anchor store of Columbia Mall since 2006.
The mall has lost several stores in recent years, including Book World, Yankee Candle, Rue 21 and Subway. Chico's, a national retailer that sells women's apparel and accessories, announced last week it will close its Columbia Mall location. And nearby Pier 1 Imports closed in June.
Sears, a 108,000-square-foot store, closed this month after being an anchor tenant of the mall since 2000. The May announcement of closures by Sears Holdings came with the retail giant's summary of its first quarter results for the year, which yielded a net loss of $424 million for shareholders.