Ian Ritter is national online editor for GlobeSt.com/RETAIL.
SANTA MONICA, CA-The Macerich Co. closed on its acquisition of private mall owner Wilmorite Properties for just over $2.3 billion, in a move that increases its East Coast presence. The purchase gives Macerich a portfolio of 11 regional malls and two open-air centers to add to its 63 regional centers.
Included in the deal is a 50% stake in the two-million-sf Tysons Corner Center in McLean, VA, the highest-profile property owned by Rochester, NY-based Wilmorite. Bloomingdales, Hecht's, LL Bean, Lord & Taylor and Nordstrom anchor that center. Macerich officials have said they could expand that mall, possibly adding high-rise residential towers.
The other super-regional centers on the East Coast that Macerich bought are the 1.5-million-sf Freehold (NJ) Raceway Mall and the 1.3-million-sf Danbury (CT) Fair Mall. The average sales per-sf of Tysons, Freehold and Danbury are $525. Officials also said there are expansion opportunities at Freehold.
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