Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

OKLAHOMA CITY-The Macerich Co. has used the 1.1-million-sf Crossroads Mall to obtain $61.2 million for its coffer. According to SEC filings, the majority of the fresh capital for the former debt-free property was applied to its floating-rate debt load.

The 10-year loan has a 6.62% fixed-rate interest. Macerich bought the 83.7-acre enclosed mall in 1994, steadily making upgrades, but keeping it debt free along the way until now. The refinance, though, will lay to rest last year’s market speculation that the mall was up for sale.

Mark McGovern, director for CBRE/Melody in San Diego tells GlobeSt.com that the loan went through in 45 days. The New York City-based Bear Stearns & Co. Inc. is the lender.

McGovern can’t say too much about the deal, but did say there are some undeveloped pad areas that could be put into play for the Santa Monica, CA-based Macerich to expand its only holding in Oklahoma. In 2004, Macerich carved out some outparcels to add a 16-screen Regal Cinema.

The 125-store Crossroads Mall sits along Interstate 35 at the Interstate 240 junction, a regional location with drawing power from the entire southern part of the state. According to Macerich’s website, small store sales average $272 per sf. And, it’s pointed out that specialty shop sales are definitely on the rise. The mall holds one of two Steve & Barry’s, which backfilled a Montgomery Ward’s slot about two years ago. The national roster includes American Eagle Outfitters, Bath & Body, Finish Line, Victoria’s Secret and anchors JCPenney, Foley’s and Dillard’s.

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?



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
Live Chat

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