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

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

“This center has had very strong sales increases in the pastfive years, and we expect that trend to continue,” Macerichpresident Edward Coppola says in a preparedstatement. He adds that the deal follows the development of a newoutlet center in Scottsdale, AZ, which the firm announced in April.“This initial entry into the fashion outlet business clearlyillustrates our intention to expand our footprint in this retailsector,” he added.

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