Macerich Announces Acquisition of Deptford Mall and the Sale of Crossroads Mall, Northwest Arkansas Mall and The Citadel Mall
January 09 2007 - 6:00AM
PR Newswire (US)
SANTA MONICA, Calif., Jan. 9 /PRNewswire-FirstCall/ -- The Macerich
Partnership, L.P., the operating partnership of The Macerich
Company, (NYSE:MAC) today announced the acquisition of the entity
owning Deptford Mall in Deptford, New Jersey. The gross purchase
price was $241 million. Deptford Mall is a two-level 1,040,000
square foot super-regional mall anchored by JC Penney, Sears,
Macy's and Boscov's. The mall includes 343,000 square feet of mall
shop space. Annual tenant sales per square foot are approximately
$507. The mall has an occupancy level of 94%. Macerich placed a
$172.5 million, five year, fixed rate loan which is secured by the
mall. The interest rate is 5.44%. In addition, Macerich continued
to prune its portfolio with the sale of three malls in the Central
U.S. region -- Crossroads Mall in Oklahoma City, Oklahoma,
Northwest Arkansas Mall in Fayetteville, Arkansas and The Citadel
Mall in Colorado Springs, Colorado. The combined sale price was
$375 million reflecting an average capitalization rate of 7.0 %.
The average annual tenant sales per square foot for these assets
were approximately $338. The Company expects to reflect a gain on
asset sales of approximately $130 million for 2006 as a result of
the sale of these assets in late December. This brings the total
centers sold in 2006 to seven as the Company continues to redeploy
its capital into developments, redevelopments and higher quality
assets. 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 now owns approximately 77
million square feet of gross leaseable area consisting primarily of
interests in 73 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,
including the Annual Report on Form 10-K for the year ended
December 31, 2005, for a discussion of such risks and
uncertainties, which discussion is incorporated by reference.
DATASOURCE: 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, or Edward C. Coppola, Senior Executive Vice
President and Chief Investment Officer of The Macerich Company,
+1-972-385-9858 Web site: http://www.macerich.com/
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