SANTA MONICA, Calif.,
March 7, 2011 /PRNewswire/ --
Macerich® (NYSE: MAC), one of the nation's leading owners,
operators and developers of commercial real estate, today announced
the purchase of the remaining 50% ownership stake in Desert Sky
Mall from J.C. Penney Co.'s JCP Realty.
The total purchase price was $27.6
million which included the assumption of a pro rata share of
the property debt. Concurrent with the purchase of the
partnership interest, the $51.5
million loan on the property was paid off.
Desert Sky Mall is a 900,000 square-foot, classic indoor
shopping center located in West
Phoenix that features a unique merchandise mix geared toward
Hispanic consumers. Key retailers include La Curacao, a
Latin-focused department store, and Cinema Latino, a multi-screen
theater complex, plus Sears, Dillard's and Burlington Coat
Factory.
Further customizing the merchandise mix at Desert Sky Mall to
the area's Hispanic consumer, Macerich in December launched a
Mercado concept in the former Mervyns space. Called Mercado
de los Cielos, the new Latin marketplace has room for more than 200
small spaces for tenants ranging from beauty salons to carnicerias,
or meat markets, flower shops, bakeries and many other retail
businesses with proven appeal to the targeted market. Demand
continues to grow for this new concept, which also will serve as an
incubator to groom new retailers for traditional in-line
spaces.
"Macerich is pleased to have full ownership of Desert Sky Mall,
a property that continues to innovate with a customized
merchandising strategy that speaks to its attractive and largely
Hispanic primary trade area," said Ed
Coppola, president of Macerich. "With our just-announced
increased stake in Kierland Commons and this transaction, we are
adding to our dominant position in Arizona, where we see long-term
opportunity."
About Macerich
Macerich (NYSE: MAC) 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. Macerich now owns approximately 73 million square
feet of gross leaseable area consisting primarily of interests in
71 regional malls. Additional information about Macerich can be
obtained from the Company's website at 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; the liquidity of real estate investments,
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, 2010 and the Quarterly Reports on
Form 10-Q, for a discussion of such risks and uncertainties, which
discussion is incorporated herein by reference. The Company does
not intend, and undertakes no obligation, to update any
forward-looking information to reflect events or circumstances
after the date of this release or to reflect the occurrence of
unanticipated events unless required by law to do so.
SOURCE Macerich