Macerich Sells Shopping Centers
Santa Monica, Calif.–based real estate investment trust The Macerich Co. has sold three of its malls in Colorado, Oklahoma and Arkansas for $390 million to Springdale, Ark.–based Midwest Mall Properties.
The sale is part of the real estate investment trust’s ongoing strategy of selling non-core assets and redeploying them into development and redevelopment.
The buyer is a new company formed to purchase the Macerich package, as well as others.
The properties include the 1-millionsquare- foot Citadel Mall in Colorado Springs, Colo.; the 1.2-million-square-foot Crossroads Mall in Oklahoma City, Okla.; and the 821,000-square-foot Northwest Arkansas Mall in Fayetteville, Ark.
Charles Waldron, senior vice president of property management for Macerich, said the sale will help to strengthen the company’s long-term strategies.
“We constantly evaluate the balance within our portfolio, and from time to time we decide to adjust our holdings both regionally and in terms of property type when we find the right buyer,” he said.
The sale follows other divestments in out-of-state assets, including malls in Montana, Colorado and Nevada.
—Robert McAllister
