SANTA MONICA, CA-The Macerich Co. has sold five assets while raising $171 million in a common stock offering.
Macerich said today it has sold the Green Tree Mall in Clarksville, Ind. and an office complex in the Redmond Town Center in downtown Redmond, WA. Additionally, Macerich is under contract to sell three malls in undisclosed locations by the end of June. Individual sales prices were not broken out. The average annual tenant sales per square foot for the mall dispositions is $389, Macerich said in a statement.
The company's pro rata share of the total sales proceeds was pegged at $470 million. The company paid off its pro rata share of debt on the Redmond Town Center office complex for $58.7 million.
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