SANTA MONICA, Calif.,
Sept. 10, 2020 /PRNewswire/
-- Macerich (NYSE: MAC), one of the nation's leading owners,
operators and developers of one-of-a-kind retail properties in top
markets, today announced that 44 of the Company's 47 major retail
properties nationwide are now fully open for business.
New easing of COVID-19-related restrictions in New York City and across most of California means Macerich's two major retail
properties in New York City, along
with six indoor California
shopping centers, can once again welcome shoppers inside the malls.
The two NYC properties, Kings Plaza in Brooklyn and Queens Center in Queens, reopened on Sept. 9 to lines of waiting shoppers.
Recently reopened indoor properties in California include Fashion Fair in
Fresno, Inland Center in
San Bernardino, Pacific View in
Ventura, The Mall at Victor Valley in Victorville, The Oaks in Thousand Oaks and Vintage Faire Mall in
Modesto.
Three additional indoor properties in California, all located in Los Angeles County – Lakewood Center in
Lakewood, Los Cerritos Center in
Cerritos and Stonewood Center in
Downey – are expected to reopen as
soon as county restrictions are relaxed, allowing 100% of Macerich
properties nationwide to be reopened.
"Our asset locations in California and in New York City represent some of the most
powerful consumer markets in the U.S., and we are happy to be
connecting retailers and restaurants with their customers in these
important communities," said Tom
O'Hern, Macerich's Chief Executive Officer. "This means many
retailers and restaurants can get back to business, and that many
people can get back to work, as well. Our properties are major
economic engines that matter to consumers and to local
communities."
Nationwide, Macerich centers create employment for an estimated
110,000 people, and the portfolio generates an estimated
$1.1 billion in sales tax revenues
and $225 million in property taxes
that support essential services at every level.
A skilled operator with decades of experience, Macerich adheres
to high operating standards and now has new protocols in place to
meet today's needs, including enhanced cleaning and sanitizing,
providing masks at all properties as needed and requiring
mask-wearing at nearly all properties in compliance with state and
local requirements, social distance queuing, path of travel,
security, deliveries, and furniture placement per industry best
practices and CDC recommendations, alongside enhanced, high-quality
HVAC systems.
Macerich is taking its already superior HVAC systems to the next
level portfolio-wide by adding MERV 13 filters to its
high-performance systems. In general, employees and shoppers can
feel confident that large, well-run malls offer some of the safest,
most healthful indoor air quality available, per a recent,
independent expert assessment from Schnackel Engineers – an
award-winning, 40-year-old U.S. firm with sizable experience in
major commercial facilities. Macerich's spacious properties provide
ample room for comfortable and effective social distancing. The
Company also utilizes state-of-the-art traffic-counting practices
at several of its properties, which offer an effective tool to
monitor and enforce capacity requirements.
Added O'Hern, "Macerich is known for our high-quality portfolio
of A-level retail and mixed-use properties in top markets, nearly
all of which are now fully reopened. Because we own and operate
dominant properties in many of the country's most appealing markets
– urban and suburban areas with very attractive demographics – our
Company continues to play a leading role in shaping the future of
retail real estate."
As a result of both continued property reopenings and progress
with retailer negotiations, collections continue to improve each
month. Cash on hand, including joint ventures at the Company's
share, increased from $573 million at
June 30, 2020, to approximately
$649 million at Aug. 31, 2020. The Company anticipates closing on
a $95 million financing of
unencumbered Tysons Vita in the 4th quarter of 2020 at
an estimated fixed interest rate of approximately 3.30%. This
residential tower located adjacent to Tysons Corner Center is owned
by a joint venture in which the Company owns 50%.
About Macerich
Macerich is a fully integrated, self-managed and
self-administered real estate investment trust (REIT), which
focuses on the acquisition, leasing, management, development and
redevelopment of regional malls throughout the United States.
Macerich currently owns 51 million square feet of real estate
consisting primarily of interests in 47 regional shopping centers.
Macerich specializes in successful retail properties in many of the
country's most attractive, densely populated markets with
significant presence on the West Coast and in Arizona, Chicago and the New
York Metro to Washington,
DC corridor. A recognized leader in sustainability, Macerich
has achieved the #1 GRESB ranking in the North American Retail
Sector for five straight years, 2015-2019. Additional information
about Macerich can be obtained from the Company's website at
www.macerich.com.
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SOURCE Macerich