Macerich Acquires Stake in Two General Growth Malls


Macerich Co. and General Growth Properties Inc. announced a deal in which Macerich will acquire General Growth’s stake in two Phoenix-area malls and General Growth will get six anchor stores in four states from Macerich.

The deal between the two real estate investment trusts involves Santa Monica-based Macerich paying around $75 million for Chicago-based General Growth’s one-third stake each in Superstition Springs and Arrowhead Towne Center. Macerich in addition will give General Growth six anchor stores, two of which are vacant, located in malls in Hayward and San Diego in California and in the states of Illinois, Arizona and Utah.

The deal gives General Growth, which owns the Glendale Galleria and emerged from Chapter 11 reorganization in November, additional capital to repay debt and invest in other properties.

Macerich Chief Executive Arthur Coppola said in a statement , “we are pleased that with the new leadership team in place at (General Growth) that it has resulted in an exchange that is good for both.”

Macerich shares were down 12 cents, or less than 1 percent, to $52.72 in midday trading on the New York Stock Exchange.

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