Macerich announces recent purchases in Arizona, Texas

Macerich announced its purchase of the remaining 40% share of both Arrowhead Towne Center (Metro Phoenix) and South Plains Mall (Lubbock, Texas) for $36.5M plus the debt, which for Arrowhead is a 7.2% cap rate, from its joint venture partner, a global institutional investor. This transaction, which closed on May 14, gives Macerich full ownership of both properties. Additionally, Macerich has executed a contract for the sale of an open-air asset in a major market. The transaction is expected to generate approximately $110,000 million of net proceeds based on an expected cap rate of 6.5% and is anticipated to close this summer.