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THOUSAND OAKS, CA-The Macerich Partnership has acquired a super-regional mall in Thousand Oaks, California for $152.5 million.

Built in 1978 and renovated in 1993, The Oaks Mall is 1.1 million square feet on two levels and is anchored by Macy’s, Macy’s Men’s & Home Store, JC Penney, Robinsons-May and Robinsons-May Men’s & Home Store. It is the only regional mall in its trade area and is 22 miles to the east of Macerich Partnership’s Pacific View Mall in Ventura, California.

Macerich Partnership is the operating partnership of The Macerich Company, a publicly traded company. The purchase is being funded by a concurrently placed loan of $108.5 million, bearing interest at LIBOR plus 1.15%. The balance of the purchase price is being funded by cash or borrowings under the company’s line of credit.

The mall posted annual tenant sales for mall shops of $437 per sf. The occupancy level is approximately 92% and the average base rent per square foot is $34.38. Non-anchor tenants include Ann Taylor, Williams Sonoma, Pottery Barn, Banana Republic, Sharper Image, Cache and BeBe.

“The Oaks is unquestionably the market dominant leader within its trade area. We will enjoy operating synergies given its proximity to our Pacific View Mall in Ventura,” says Macerich President and CEO Arthur Coppola in announcing the acquisition. “Recent leasing has been very strong with new lease signings at rents 23% higher than expiring rents.”

In separate news last week, Macerich announced a $1.475 billion agreement to acquire Westcor Realty LP. Westcor’s existing portfolio includes interests in nine regional malls with nearly 10 million square feet of space located in Arizona and Colorado, plus 18 urban villages and specialty retail assets, strategically located in close proximity to the malls. With the acquisition of The Oaks and the pending acquisition of the Westcor portfolio, Macerich will own interests in 56 regional malls and 21 community centers, totaling approximately 56 million square feet.

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