Dillard's Selling Stake in Mall for $68.5M

BROOMFIELD, CO-Macerich Co. of Santa Monica, CA, will pay Dillard’s $68.5 million for its 50% interest in the FlatIron Crossing regional mall in this city along the northwest corridor between Denver and Boulder. The transaction does not include the 200,000-sf Dillard’s store, according to the national department chain based in Little Rock, AR.

The store will remain open.

Phoenix-based Westcor Partners built FlatIron in 2000. Macerich bought Westcor last summer for $1.5 billion. Macerich also owns the Crossroads Mall in Boulder, which it hopes to redevelop.

FlatIron crossing averages about $400 per sf in sales.

Dillard’s owns more than 300 stores in 29 states and expects about $8.3 billion in sales this year. Last year, it had $8.2 billion in sales, but in 2000 it boasted $8.6 billion in sales.