The Macerich Company Announces Agreement to Manage, Lease and Redevelop Cross County Shopping Center
June 26 2006 - 8:00PM
PR Newswire (US)
SANTA MONICA, Calif., June 26 /PRNewswire-FirstCall/ -- The
Macerich Company (NYSE:MAC) today announced that it has finalized
an agreement with private real estate development company Brooks
Shopping Center, LLC to manage, lease and redevelop Cross County
Shopping Center in Yonkers, N.Y. "Being selected to manage Cross
County Shopping Center is an honor and we look forward to working
with Brooks Shopping Center and the City of Yonkers to maximize the
center's best assets and strengthen the current retail mix," said
David J. Contis, Executive Vice President and Chief Operating
Officer of The Macerich Company. "We are excited by the opportunity
to be involved in a center that not only occupies a place of
importance in the retail industry, but also within the greater New
York community." Under terms of the agreement, The Macerich Company
will lease and manage the day-to-day operations of the landmark
shopping center. In addition the company will lead an extensive
renovation and redevelopment of the center. The Macerich Company is
widely recognized for its industry leadership in the renovation and
redevelopment of retail destinations, including the dramatic
transformation of Queens Center in Queens, N.Y. from a town center
to a regional retail draw that is among the top-performing retail
centers in the nation. The company owns and operates 8 regional
shopping centers in the state of New York, including Queens Center.
"The Macerich Company has redeveloped some of the country's premier
retail properties, and they have a unique understanding of the New
York market," said the owner's representative, James Stifel, Chief
Investment Officer for Benenson Capital Partners, LLC. "We are very
pleased to add The Macerich Company to the Cross County Shopping
Center team." Built in 1954, Cross County Shopping Center is one of
the country's original open-air shopping centers and, at 1,020,973
square feet, continues to be one of the largest open-air retail
venues in operation with current total sales per square foot in
excess of $525. Located at the intersection of Cross County Parkway
and I-87, the center is anchored by Macy's, Sears, Old Navy and a
theater, and features 90 national and local retailers as well as an
eight- story office building. Plans to renovate and redevelop the
center, which will add approximately 245,375 square feet of new
retail space, are currently in the planning and entitlement
process. 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. Macerich owns
approximately 80 million square feet of gross leaseable area
consisting primarily of 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/. Cross County
Shopping Center was developed in the 1950s by Sol Atlas and
subsequently acquired by Brooks Shopping Centers LLC, whose
beneficial owner is Dollar Land Syndicate. The group's majority
partners include Benenson Capital Partners, LLC, the New York-based
firm dating back to 1905 whose holdings include over 200 properties
throughout the U.S., Canada and Europe; the estate of Leonard Marx,
Sr., the founder of prominent national property owner Marx Realty
Co.; and Merchant's National Properties, Inc., a company acquired
by Marx after The Great Depression. DATASOURCE: The Macerich
Company CONTACT: Rebecca Stenholm, The Macerich Company,
+1-602-953-6597 Web site: http://www.macerich.com/
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