Pacific Retail Capital Partners, a real estate investment group, and Aareal Bank Group, an international property specialist, agreed to form a joint venture. Financial terms were not disclosed. "This is one of the most exciting mixed-use development sites in the New York Metro Area. We have worked over the past few years to acquire the Macy's fee interest at the site, along with the leasehold interest of the former Sears. Working with our new partners, we will reimagine the site as a vibrant mixed-use project that will be centered on residential development and amenity-based retail," Steve Plenge, PRCP CEO.