There is something about real estate that elevates it above the status of being just an asset. This is as true with commercial real estate as it is for residential plots of land, especially in regions of the country with as much history as North Carolina.
With every section of land there are stories that involve people. The stories may be hidden or lost. More often, there is a history that is clear and traceable. These all tend to come to the fore when the time comes to sell a given property. If it's a residence, there are myriad memories of life's important moments. That can be true, too, for commercial property.
All this musing is prompted by news that the retail giant, Macy's, has announced its plans to sell a major site in the city of St. Paul, Minnesota. For the company, this is likely nothing more than a business proposition. The five-story building covering a single square block in the city's downtown just doesn't generate the revenue it used to, so it's closing.
City officials are already starting to look at what options may exist for what to do next with the land. The speculation ranges from getting some smaller boutique retailers into the expansive space, to perhaps getting in a midsized business like a Kohl's. There's even discussion that it could become a Target store.
That last idea might go some way to assuaging residents of the city who may remember having shopped at the place for necessities and holiday presents over some 50 years. You see, it was built by the Dayton-Hudson Corp. to house a Dayton's store. Dayton-Hudson eventually became Target and over time, the Dayton's brand changed and was taken over through mergers and acquisitions to become Macy's. So, if Target were to move into the site, some might call it a good reflection of the circle of life.
Any time a commercial real estate sale and project is undertaken it involves many players, all of whom have legal interests that need to be assessed and met with the help of experienced legal help. But this post is offered by way of acknowledging, too, that while remembering the legal necessities, it can be helpful to remember that there is a deep human element behind many of these transactions.
Source: Star Tribune, "St. Paul optimistic about filling the Macy's space," Kevin Duchschere, Jan. 3, 2012
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