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Macerich Puts Two Centers on Block

LOS ANGELES-The shopping center REIT plans to use proceeds of sale to fund previously announced stock buyback program.

By David W. Myers | Updated on February 16, 2001

LOS ANGELES-One of the nation’s largest shopping center REITs has put two of its malls up for sale and intends to use the proceeds to help fund a stock buy-back.

The trust, Macerich Co., plans to sell its Villa Marina Marketplace on LA’s Westside and its Carmel Plaza development in the Northern California seaside community of Carmel. Macerich announced plans to buy back up to 3.4 million of shares late last year and had repurchased 564,000 as of the start of 2001, the company says.

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