X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-It’s a done deal between the Macerich Co., the Santa Monica, CA-based REIT, and Westcor Realty LP, a Phoenix-based retail developer. As agreed, a $1.5-billion check covers the “lock, stock and barrel” acquisition of Westcor.

The $1.5 billion includes the assumption of $733 million of existing debt and the issuance of about $72 million of convertible preferred operating partnership units at $36.55 per unit. The remainder of deal was paid in cash primarily derived from two loans. Deutsche Bank Securities Inc. was Macerich’s adviser for the buyout.

Macerich is getting 15.6 million sf of regional malls and specialty retail properties, including Scottsdale Fashion Square and Chandler Fashion Center in metro Phoenix and Flatiron Crossing in the Denver area. In addition to Westcor’s more noted holdings, Macerich also inherits two Arizona properties that have recently broken ground and 1,000 acres of undeveloped land for future projects.

Macerich is focused on the acquisition, leasing, management and redevelopment of regional malls and community centers in the US. It already owns about 58 million sf in 56 regional malls and 21 community centers.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.