PHILADELPHIA—Santa Monica, CA-based MacerichCo. has reached an agreement with PennsylvaniaReal Estate Investment Trust to pay $106.8 million for a50% common ownership interest in The Galleryretail property here.
The two companies will engage in a joint venture to redevelopthe 1.4-million-square-foot retail property in downtownPhiladelphia at 9th and Market streets into a major mixed-useproject. Macerich and PREIT will jointly handle the development,leasing and management of The Gallery. Costs related to the futuredevelopment will be split 50/50 between the companies.
The joint venture is expected to build upon the previouslyannounced Century 21 anchor transaction and“realize PREIT's vision to create Philadelphia's onlytransit-oriented, retail anchored multi-use property offeringaccessible luxury retailing and artisan food experiences,” PREITstates in its announcement.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
