Macerich Announces Agreement to Acquire Valley River Center - Super-Regional Mall in Eugene, Oregon
January 12 2006 - 4:21PM
PR Newswire (US)
SANTA MONICA, Calif., Jan. 12 /PRNewswire-FirstCall/ -- The
Macerich Partnership, L.P., the operating partnership of The
Macerich Company, (NYSE:MAC) today announced the agreement to
acquire Valley River Center from the private real estate
development and investment company Grosvenor. The gross purchase
price is $187.5 million. The return on cost for the initial year of
ownership is expected to be 6.6%. Subject to customary closing
conditions, closing is expected to be in early February. Valley
River Center is a 916,000 square foot super-regional mall anchored
by Meier & Frank, Macy's and JC Penney. The mall includes
254,000 square feet of mall shop space and also includes a planned
development of a Regal Cinema 15 screen stadium style theater
complex. Annual tenant sales per square foot are approximately
$420. Macerich currently manages the mall. Grosvenor will continue
to own certain out parcels adjacent to the mall. Grosvenor is a
privately owned real estate development and investment company that
has been active in North America for more than 50 years.
Grosvenor's North American portfolio includes office, retail,
industrial and residential properties. Internationally, Grosvenor
has interests in properties with a total value of $20 billion, with
operating companies in The Americas, the United Kingdom and
Ireland, Continental Europe and the Australia/Asia Pacific region.
For more information about Grosvenor, please visit the Grosvenor
web site at: http://www.grosvenor.com/. The Macerich Company 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 malls
throughout the United States. The Company is the sole general
partner and owns an 82% ownership interest in The Macerich
Partnership, L.P. Macerich now owns approximately 79 million square
feet of gross leaseable area consisting primarily of interests in
75 regional malls. Additional information about The Macerich
Company can be obtained from the Company's web site at
http://www.macerich.com/. Note: This release contains statements
that constitute forward-looking statements. Stockholders are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks, uncertainties
and other factors that may cause actual results, performance or
achievements of the Company to vary materially from those
anticipated, expected or projected. Such factors include, among
others, general industry, economic and business conditions, which
will, among other things, affect demand for retail space or retail
goods, availability and creditworthiness of current and prospective
tenants, anchor or tenant bankruptcies, closures, mergers or
consolidations, lease rates and terms, interest rate fluctuations,
availability and cost of financing and operating expenses; adverse
changes in the real estate markets including, among other things,
competition from other companies, retail formats and technology,
risks of real estate development and redevelopment, acquisitions
and dispositions; governmental actions and initiatives (including
legislative and regulatory changes); environmental and safety
requirements; and terrorist activities which could adversely affect
all of the above factors. The reader is directed to the Company's
various filings with the Securities and Exchange Commission, for a
discussion of such risks and uncertainties. DATASOURCE: The
Macerich Company CONTACT: Arthur Coppola, President and Chief
Executive Officer, or Thomas O'Hern, Executive Vice President and
Chief Financial Officer, +1-310-394-6000, or Edward C. Coppola,
Senior Executive Vice President and Chief Investment Officer,
+1-972-385-9858, all of The Macerich Company Web site:
http://www.macerich.com/ http://www.grosvenor.com/
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