NIAGARA FALLS, NY-The Macerich Co. has completed its acquisition of Fashion Outlets of Niagara Falls USA, a 526,000-square-foot outlet center. The acquisition marks initial moves on Macerich’s part into the fashion and retail market.

Located at 1900 Military Rd., the outlet sold for $200 million, a figure that included the assumption of existing debt of $121 million at a 5.9% interest rate. That debt matures On October 1, 2020. The center is almost fully occupied, with tenants such as Nike, Old Navy and Burberry. The seller was a subsidiary of AWE Talisman Co.

“This center has had very strong sales increases in the past five years, and we expect that trend to continue,” Macerich president Edward Coppola says in a prepared statement. He adds that the deal follows the development of a new outlet center in Scottsdale, AZ, which the firm announced in April. “This initial entry into the fashion outlet business clearly illustrates our intention to expand our footprint in this retail sector,” he added.

Calls to Macerich seeking comment were not returned in time for publication.

Macerich owns 72 million square feet of property in the US, mostly regional shopping centers, earning $854.8 million of revenue in the fiscal year ended December 31, 2010. In May, a Macerich subsidiary, Santa Monica Place, opened a new food market at its 524,000-square-foot shopping space in California. Including the one at Niaagra Falls, AWE Talisman has developed three Fashion Outlets, together more than one million square feet. AWE Talisman is currently developing a 550,000-square-foot Fashion Outlets of Chicago.