Macerich Acquires Remaining 50% Interest in 5 Former Sears Boxes from Seritage
15 Junho 2023 - 7:00AM
Macerich (NYSE: MAC), one of the nation’s leading owners,
operators and developers of one-of-a-kind retail and mixed-use
properties in top markets, today announced that in May, it
acquired the remaining 50% interest in five former Sears boxes from
joint venture partner Seritage Growth Properties. Each parcel is
now wholly owned and controlled by Macerich.
The five properties where these Sears boxes are located, all
high-performing Regional Town Centers in the Macerich portfolio,
include Danbury Fair (CT), Los Cerritos Center (CA), Washington
Square (OR), Chandler Fashion Center (AZ) and Freehold Raceway Mall
(NJ). Total GLA of the five former Sears boxes is approximately
819k sf.
“Macerich is pleased to gain full ownership and control of these
former Sears boxes at five of our top Regional Town Centers – all
located in terrific suburban U.S. markets,” said Dave Short,
Executive Vice President, Asset Management, Macerich. “Building on
the prior leasing and activation of several of these boxes, this
transaction allows us to continue to pursue redevelopment of these
properties in any number of ways – from adding mixed-use and
greater density, which is a hallmark of Macerich’s Regional Town
Center strategy, to bringing in highly productive retail
performers.”
Leasing and redevelopment activity for each of the former Sears
boxes at the five properties is as follows:
- Danbury
Fair – The former Sears space is already leased to
in-demand retailers Target and Primark. Primark is open and
operating, while Target is under construction and set to open in
spring 2024. The combined sales volume of the two uses will
represent a dramatic increase over the prior Sears use.
- Los Cerritos
Center and Washington Square – Both of these properties
are either in the process or are fully entitled to undergo
redevelopments that will create value by adding density and diverse
uses. To maximize these opportunities, Macerich will draw on its
successful, copious experience in replacing former department store
anchor pads with new uses, including fitness, residential, hotel,
office, medical uses and more, at its properties across the
country.
- Chandler
Fashion Center and Freehold Raceway Mall – Similar to
Danbury Fair, for these two properties, Macerich will replace the
prior use with multiple, high-traffic-generating
retail/entertainment/restaurant uses that are a great fit for each
of their communities. In fact, Primark already is open and
performing well in part of the former Sears space at Freehold
Raceway Mall.
About Macerich
Macerich is a fully integrated, self-managed and
self-administered real estate investment trust (REIT). As a
leading owner, operator and developer of high-quality retail real
estate in densely populated and attractive U.S. markets, Macerich’s
portfolio is concentrated in California, the Pacific Northwest,
Phoenix/Scottsdale, and the Metro New York to Washington, D.C.
corridor. Developing and managing properties that serve as
community cornerstones, Macerich currently owns 47 million square
feet of real estate consisting primarily of interests
in 44 regional town centers, many of which contain
mixed uses. Macerich is firmly dedicated to advancing environmental
goals, social good and sound corporate governance. A recognized
leader in sustainability, Macerich has achieved a #1
Global Real Estate Sustainability Benchmark (GRESB)
ranking for the North American retail sector
for eight consecutive years (2015-2022). For more information,
please visit www.Macerich.com.
Macerich uses, and intends to continue to use, its Investor
Relations website, which can be found at investing.macerich.com, as
a means of disclosing material nonpublic information and for
complying with its disclosure obligations under Regulation FD.
Additional information about Macerich can be found through social
media platforms such as LinkedIn. Reconciliations of non-GAAP
financial measures, including NOI and FFO, to the most directly
comparable GAAP measures are included in the earnings release and
supplemental filed on Form 8-K with the SEC, which are posted on
the Investor Relations website at investing.macerich.com.
MAC-I
SOURCE: Macerich
MEDIA CONTACT: Karen Maurer, Macerich, 602-708-6311, Website:
http://www.macerich.com
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