Macy's shares surged over 19% after receiving a $5.8 billion buyout offer from real estate investor Arkhouse Management and asset manager Brigade Capital Management. The main target of the offer is likely Macy's extensive real estate portfolio, which is estimated to be worth billions. Unlocking this value won't be easy as the properties would need to be converted for other uses. If the buyout goes through, the new owners may look to gradually sell off Macy's real estate holdings and other assets over several years as properties are redeveloped. Analysts see the offer as mainly valuing Macy's real estate and not its retail operations, which have been struggling to gain market share. Unlocking the full real estate value could take 3-5 years.