SANTA MONICA, Calif., Sep 16, 2003 /PRNewswire-FirstCall via COMTEX/ -- The Macerich
Company (NYSE: MAC) today announced the acquisition of Northridge Mall, a
973,000 square foot super regional mall in Salinas, California from an
The total consideration for the acquisition was approximately
$128.5 million, which was paid in cash. The property is expected to generate
approximately $9.4 million in net operating income for calendar year 2004.
The company used available cash and borrowings on its line of credit to fund
the acquisition and it is anticipated that a permanent secured loan will be
put into place in the near future.
The current occupancy level of the mall is 95% and the mall tenants annual
sales per square foot are approximately $341. The 973,000 square foot super
regional mall is anchored by Macy's, JCPenney, Sears and Mervyn's. Northridge
is the only enclosed mall in its trade area.
The Macerich Company is a fully integrated self-managed and self-
administered real estate investment trust, which focuses on the acquisition,
leasing, management, redevelopment and development of regional malls
throughout the United States. The Company is the sole general partner and
owns an 82% ownership interest in The Macerich Partnership, L.P. Macerich now
owns approximately 58 million square feet including interests in 57 regional
malls. Additional information about The Macerich Company can be obtained from
the Company's web site at www.macerich.com .
SOURCE The Macerich Company
Executive Vice President and Chief Financial
The Macerich Company,