Macerich buyout of mall complete
by January 25, 1999 12:00 am 107 views
Macerich of Fayetteville’s $94 million buyout of the Northwest Arkansas Mall was finalized Dec. 14
A subsidiary of The Macerich Co. of Santa Monica, Calif., the local limited partnership purchased the 786,000-SF mall from Tri State Joint Venture of Maryland. The purchase was partially funded by a concurrently placed 10-year loan of $63 million from the Teachers Insurance and Annuity Association.
The mall is anchored by a number of national department store chains including Dillard’s, J.C. Penney and Sears.
Annual mall tenant sales per SF, excluding Malco Twin Cinema, are around $269 with many exceeding $300. The mall currently has 93 percent occupancy but leases totaling more than 45,000 SF expire within the next three years.
Macerich, traded on the New York Stock Exchange under the ticker symbol MAC, acquired more than $1 billion worth of real estate in 1998 for the first time in a single year.