Northwest Arkansas Mall For Sale By The Rouse Co.

The Rouse Co. has signed a letter of intent to sell the Northwest Arkansas Mall, the area’s largest shopping center.

Owen Williams, vice president of acquisitions for The Rouse Co., says Macerich Co., a real estate investment trust in Santa Monica, Calif., has made an offer to purchase the mall, which is located in north Fayetteville. Mall employees were informed of the pending sale in August.

Macerich Co. has an ownership interest in 41 malls and five shopping centers in 18 states.

The Northwest Arkansas Mall was purchased in 1989 by subsidiaries of The Rouse Co. and Teachers Insurance and Annuity Association.

The Rouse Co., based in Columbia, Md., is one of the largest publicly held real estate development and management companies in the United States, operating more than 250 properties, including retail, office, research and development, industrial and hotel space. The company has 51 regional retail centers, 11 community retail centers and 12 million SF of office space.

The Rouse Co. has built two planned communities — Columbia, Md., and Summerlin in Las Vegas, Nev. The company manages properties in 25 states.

The mall, which was constructed in 1972, has 775,000-SF of retail space.