Macerich, one of the largest mall REITs, is handing back the keys for a property close to home.

The Santa Monica-based REIT is giving Santa Monica Place back to its lender after defaulting on a $300M loan backed by the struggling 527K SF open-air mall, according to a report in the Santa Monica Daily Press.

The loan originally was set to expire in December when Macerich negotiated an extension with lender Wells Fargo. The REIT defaulted on the loan in April.

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