Macerich Announces Strategic Agreement to Acquire 11 Federated Department Store Locations
May 03 2006 - 9:00AM
PR Newswire (US)
SANTA MONICA, Calif., May 3 /PRNewswire-FirstCall/ -- Capitalizing
on an opportunity to control important real estate in 10 of its
regional shopping centers, The Macerich Company (NYSE:MAC) today
announced an agreement to acquire 11 department store locations
from Federated Department Stores, Inc. in key markets across the
country. The acquisition is expected to close in July 2006.
"Acquiring these 11 department store locations is a strategic move
that gives us important control over future redevelopment and
re-merchandising opportunities at our centers," said Arthur
Coppola, president and chief executive officer of The Macerich
Company. "This gives us a significant opportunity to direct how
these sizable spaces evolve so that we can maximize the appeal and
value of these already highly productive shopping centers." In
fact, average sales per square foot at the 10 affected Macerich
centers is nearly $500. "We believe in the growing appeal of the
Macy's brand and Macy's efforts to elevate the overall department
store experience," said Coppola. "We're pleased that every mall in
our portfolio that had a Macy's will continue to have a Macy's. For
our company, the purchase of 11 redundant department store sites
resulting from the Federated-May merger gives us a welcome
opportunity to re-create these significant spaces in fresh, new
ways that will inspire our customers," said Coppola. Specifically,
the agreement includes duplicate stores in: Arizona * Fiesta Mall,
Mesa (Macy's) * Paradise Valley Mall, Phoenix (Macy's) * Scottsdale
Fashion Square, Scottsdale (Robinsons-May) California * Inland
Center, San Bernardino (Macy's) * Lakewood Center Mall, Lakewood
(Macy's) * Los Cerritos Center, Cerritos (Robinsons-May) * Pacific
View Mall, Ventura (Robinsons-May) * Santa Monica Place, Santa
Monica (Robinsons-May) * The Oaks Shopping Center, Thousand Oaks
(Robinsons-May Men and Macy's Woman) Connecticut * Danbury Fair
Mall, Danbury (Filene's) "Acquiring these properties will speed
planned redevelopments at a number of our key centers," said
Coppola. "Whether the result is a new Nordstrom, additional outdoor
lifestyle elements, or even the exciting potential for mixed use,
we'll be selecting the right use for each of these centers in ways
that deliver maximum value for the long term." 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 84% ownership interest in The Macerich
Partnership, L.P. The company owns approximately 80 million square
feet of gross leaseable area, including interests in 76 regional
malls. Additional information about The Macerich Company can be
obtained from the Company's web site at http://www.macerich.com/.
DATASOURCE: The Macerich Company CONTACT: Arthur Coppola, president
and chief executive officer, or Thomas O'Hern, executive vice
president and chief financial officer, both of The Macerich
Company, +1-310-394-6000 Web site: http://www.macerich.com/
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