Macy’s Sells Florida Furniture Store for $13 Million to Grocery Chain Owner

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Macy’s has sold its furniture and mattress store located on the outskirts of the Pembroke Lakes Mall in Pembroke Pines for $13 million. The retail giant, headquartered in Cincinnati, finalized the sale of the 50,111-square-foot building at 13640 Pines Blvd. to Lotte Miami LLC, a company managed by Sungwon Group, based in Jessup, Maryland.

Lotte Miami LLC is the parent company of Lotte Plaza Market, a chain of Asian grocery stores with locations across Maryland, Virginia, New Jersey, as well as in Orlando and Tampa, Florida. This acquisition marks the group's continued expansion in South Florida’s retail market.

The deal also strengthens Sungwon Group's presence in the Pembroke Pines area, as the company already owns the neighboring property at 13650 Pines Blvd., which houses a Floor & Décor store. That property, measuring 51,110 square feet, was purchased by Sungwon Group in 2022 for $4.75 million. The most recent purchase of the Macy's property amounts to $259 per square foot, according to data provided by property research firm Vizzda.

History of the Property

The furniture and mattress store was originally developed in 1997 by Burdines, a Florida-based department store chain, before rebranding as Macy’s in 2005. This sale follows Macy's ongoing strategy of divesting its standalone furniture and mattress stores across the country, including several high-profile sales in South Florida. Earlier this year, the retailer sold properties in Pinecrest, Fort Lauderdale, and Boca Raton.

Macy’s did not provide comments on the future of the Pembroke Pines location following the sale. However, the transaction reflects the retailer’s broader efforts to streamline operations and focus on its core department store business.

Broader Trends in Retail Real Estate

This sale is part of a growing trend where traditional department stores are reevaluating their real estate assets, often selling off standalone locations to repurpose capital or focus on e-commerce and other retail initiatives. Simultaneously, grocery chains and other retailers are looking to expand their footprint by acquiring strategic real estate in bustling markets like Pembroke Pines.

Sungwon Group’s Lotte Plaza Market, known for its selection of Asian groceries and specialty products, may be considering new uses for the acquired property as they continue to build their presence in Florida. The combination of neighboring properties at 13640 and 13650 Pines Blvd. could provide opportunities for further commercial development or retail expansion.

This acquisition reinforces the growing demand for well-located retail space in South Florida, especially as the region continues to see population growth and increasing interest from out-of-state businesses looking to invest in the area.