Macerich Spends $152M on Super-Regional Mall

THOUSAND OAKS, CA-The Macerich Partnership has acquired a super-regional mall in Thousand Oaks, California for $152.5 million.

Built in 1978 and renovated in 1993, The Oaks Mall is 1.1 million square feet on two levels and is anchored by Macy’s, Macy’s Men’s & Home Store, JC Penney, Robinsons-May and Robinsons-May Men’s & Home Store. It is the only regional mall in its trade area and is 22 miles to the east of Macerich Partnership’s Pacific View Mall in Ventura, California.

Macerich Partnership is the operating partnership of The Macerich Company, a publicly traded company. The purchase is being funded by a concurrently placed loan of $108.5 million, bearing interest at LIBOR plus 1.15%. The balance of the purchase price is being funded by cash or borrowings under the company’s line of credit.