(For more retail coverage, click GlobeSt.com/RETAIL.)

SANTA MONICA, CA-The Macerich Co. plans to spend an average of$300 million to $500 million per year in new developments andredevelopments over the next five to six years, the company saidduring its quarterly conference call with financial analystsThursday. Arthur Coppola, president and CEO, said that the yearlyexpenditures would tend toward the higher end of the figure, withthe funds coming from borrowings as well as proceeds from the saleof non-core assets.

Among the developments that Coppola discussed was theshopping-center REIT's plans to redesign its Santa Monica Placemall here. Macerich announced plans for the repositioning some timeago, and has been involved since then with planning theproject.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Development
Feature
Los Angeles
National
Retail