Macerich Announces Joint Venture Interest in NorthPark Center, Dallas, Texas
May 21 2004 - 6:57PM
PR Newswire (US)
Macerich Announces Joint Venture Interest in NorthPark Center,
Dallas, Texas SANTA MONICA, Calif., May 21 /PRNewswire/ -- The
Macerich Company , a real estate investment trust, announced the
closing of its participation in a new joint venture for the
ownership of NorthPark Center in Dallas, Texas. NorthPark is a 1.4
million square foot enclosed mall anchored by Neiman Marcus,
Foley's and Dillard's, and plans are underway to expand the center
by adding new GLA and Nordstrom. Macerich holds a 50% interest in
the venture, as does the existing ownership of NorthPark. "We are
thrilled to have the opportunity to co-invest with the founding
family of NorthPark Center. NorthPark Center is widely recognized
as one of the top regional centers in the entire United States and
clearly the most dominant retailing facility in the Dallas/Fort
Worth metroplex. NorthPark Center is the home to a flagship Neiman
Marcus store, the number one Dillard's and Foley stores in the DFW
metroplex, and a broad array of high end and luxury tenants
generating average sales per square foot in excess of $550," said
Edward Coppola, executive vice president and director of Macerich.
"Because of the confidential and private nature of this
transaction, specifics on pricing cannot be revealed at this time,
however, we expect the transaction to be neutral to our FFO for
2004 and to be accretive by approximately $.02 to $.03 per share in
2005." More information on NorthPark Center can be found by
visiting its web site at http://www.northparkcenter.com/. Heitman
acted as an advisor to NorthPark in this transaction. 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 81% ownership interest in The Macerich
Partnership, L.P. Macerich now owns approximately 61 million square
feet of gross leaseable area consisting primarily of interests in
60 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:
press, Arthur Coppola, President and Chief Executive Officer, or
Thomas E. 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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