Joining Macy's and a soon-to-be expanded Nordstrom store asanchor tenants, Neiman Marcus will be located at the corner ofSouth Main Street and Mount Diablo Boulevard. Macerich is currentlyworking with the City of Walnut Creek to secure all necessaryapprovals for pre-construction to begin as early as fall 2008. Thenew store is slated to open in late 2010 or early 2011.


The structures to be razed to make room for the new store arecurrently leased. The Macerich source tells it is"currently working with those tenants" to see how they may beaccommodated at the mall, which is better than 95% leased. She didknow how much leasable space was being torn down, but said it wasless than 100,000 sf because the Neiman Marcus store will have apartial second story and the existing structures do not.


Macerich owns Broadway Plaza in partnership with NorthwesternMutual Life of Milwaukee, WI. The company owns approximately 76million sf of gross leasable area in 71 regional malls.


Macerich says sales at Broadway Plaza top $760 per sf. Thefigure is based on reports by retailers that have leased less than10,000 sf of mall or freestanding store space for at least 12months, which would exclude all anchor and junior anchor tenantsbut covers all specialty retail space. Recently signed rents forspecialty retail space are averaging $47 per sf per year across itsportfolio while expiring rents are averaging $34.87, according toSEC filings.

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