SANTA MONICA, Calif.,
Sept. 20, 2021 /PRNewswire/
-- Macerich (NYSE: MAC), one of the nation's leading owners,
operators and developers of one-of-a-kind retail and mixed-use
properties in top markets, today announced it has sold La
Encantada, a retail asset in Tucson,
AZ, generating ~$100 million
of incremental liquidity. The open-air, 246,000 square-foot
specialty center sold for $165.3
million on September 17,
2021.
This transaction builds on the March
2021 sale of 95% of Paradise Valley Mall, a non-core asset
in Phoenix, which yielded net
proceeds for Macerich of approximately $95 million. The
strategy of selling non-core assets has generated over $200 million of liquidity through the first nine
months of 2021.
"In addition to sales of these properties, we are successfully
executing on a robust land and pad sale program, from which we
expect to generate an additional $100
million during 2021-2023," said Ed
Coppola, President, Macerich. "Our focused disposition
efforts are designed to allow us to recycle capital into key
densification and diversification activities, as we continue to
realize our town center strategy at a number of Macerich properties
across the country."
About Macerich
Macerich is a fully integrated, self-managed and
self-administered real estate investment trust, which focuses on
the acquisition, leasing, management, development, and
redevelopment of regional town centers throughout the
United States.
Macerich currently owns 49 million square feet of real
estate consisting primarily of interests in 45 regional town
centers. Macerich specializes in successful retail
properties in many of the country's most attractive, densely
populated markets with significant presence on the West
Coast, Arizona and the Metro New York to Washington,
D.C. corridor. A recognized leader in
sustainability, Macerich has achieved the #1 GRESB
ranking in the North American Retail Sector for six straight years
(2015 – 2020). Additional information about Macerich can
be obtained from the Company's website
at www.Macerich.com.
SOURCE: Macerich
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SOURCE Macerich Company