Macerich Sells La Encantada In Tucson, Generates ~$100 Million Of Incremental Liquidity

Rhea-AI Summary

Macerich (NYSE: MAC) announced the sale of La Encantada, a retail asset in Tucson, AZ, for $165.3 million on September 17, 2021, generating approximately $100 million in liquidity. This transaction follows the sale of 95% of Paradise Valley Mall in March 2021, which brought in around $95 million. Combined, these non-core asset sales have generated over $200 million of liquidity in 2021. The company is also working on a land and pad sale program aimed at producing an additional $100 million from 2021 to 2023.

Positive

• Sale of La Encantada generated ~$100 million liquidity.
• Total liquidity from non-core asset sales exceeded $200 million in 2021.
• Strategic focus on land and pad sales expected to yield an additional $100 million by 2023.

Negative

• None.

SANTA MONICA, Calif., Sept. 20, 2021 /PRNewswire/ -- Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets, today announced it has sold La Encantada, a retail asset in Tucson, AZ, generating ~$100 million of incremental liquidity. The open-air, 246,000 square-foot specialty center sold for $165.3 million on September 17, 2021.

This transaction builds on the March 2021 sale of 95% of Paradise Valley Mall, a non-core asset in Phoenix, which yielded net proceeds for Macerich of approximately $95 million. The strategy of selling non-core assets has generated over $200 million of liquidity through the first nine months of 2021.

"In addition to sales of these properties, we are successfully executing on a robust land and pad sale program, from which we expect to generate an additional $100 million during 2021-2023," said Ed Coppola, President, Macerich. "Our focused disposition efforts are designed to allow us to recycle capital into key densification and diversification activities, as we continue to realize our town center strategy at a number of Macerich properties across the country."

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development, and redevelopment of regional town centers throughout the United States.

Macerich currently owns 49 million square feet of real estate consisting primarily of interests in 45 regional town centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence on the West Coast, Arizona and the Metro New York to Washington, D.C. corridor. A recognized leader in sustainability, Macerich has achieved the #1 GRESB ranking in the North American Retail Sector for six straight years (2015 – 2020). Additional information about Macerich can be obtained from the Company's website at www.Macerich.com.

SOURCE: Macerich

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SOURCE Macerich Company

FAQ

What was the sale price of La Encantada by Macerich?

Macerich sold La Encantada for $165.3 million.

How much liquidity did the La Encantada sale generate?

The sale generated approximately $100 million in liquidity.

What is the significance of the La Encantada sale for Macerich?

The sale is part of Macerich's strategy to sell non-core assets, generating significant liquidity.

How much liquidity has Macerich generated from asset sales in 2021?

Macerich has generated over $200 million from asset sales in 2021.

What future sales does Macerich plan regarding land or pads?

Macerich expects to generate an additional $100 million from land and pad sales between 2021 and 2023.