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PHOENIX-Santa Monica, CA-based the Macerich Partnership LP has signed a definitive agreement to acquire Phoenix-based Westcor Realty LP for about $1.5 billion. The price includes the assumption of $733 million in existing debt and the issuance of about $80 million of convertible preferred operating units. The closing is ticketed for the third quarter.

Westcor is a mall developer with nine regional properties in Arizona and Colorado, of which eight are in its home state. The Arizona properties are Scottsdale Fashion Square in Scottsdale; Flagstaff Mall in Flagstaff; Paradise Valley Mall and Desert Sky Mall, both in Phoenix; Superstition Springs Mall in Mesa; Arrowhead Towne Center in Glendale; Chandler Fashion Center in Chandler; and Prescott Gateway under construction in Prescott. Westcor also owns the FlatIron Crossing in Broomfield, Colorado. The wholly owned portfolio totals nearly 10 million sf of retail space while Westcor has interests in another 5.6 million sf in 18 urban village and specialty retail assets, primarily located close to its regional malls. Additionally, the portfolio includes two retail properties in Arizona that will break ground this month and options on more than 1,000 acres of undeveloped land.

Arthur Coppola, Macerich’s president and CEO, says the malls are all performing at high levels. The stabilized malls have sales of about $407 per sf with 92% occupancy rates.”Combining their (Westcor’s) stellar development capabilities with our strong acquisition, redevelopment and operating expertise will create an unmatched integrated platform for growth in our core markets,” Coppola said in a prepared statement.

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