Burlington, WA – The Cascade Mall in Burlington, WA has been sold to a private California-based real estate investment firm, Merlone Geier Partners as part of a $170 million dollar, two-mall deal with the Macerich Company, according to a release from the Businesses on Friday.
In addition to the Cascade Mall in Burlington, Washington, Merlone Geier Partners also acquired the Northgate Mall in San Rafael, California. The purchase of the two malls netted the Macerich Company with net proceeds of approximately $100 million dollars after the repayment of a floating-rate note on Northgate.
According to a PRNewswire Release, as of September 30th, 2016, the Cascade and Northgate Malls generated sales per square foot of $319 and $421, respectively, and had occupancy rates of 86.5% and 94.9%, respectively. These figures compare to Macerich portfolio averages of $626 per square foot in sales and 95.3% occupancy as of September 30th, 2016.
These latest dispositions are consistent with Macerich’s strategy of recycling capital out of non-core assets and into its development pipeline. It is anticipated that dilution from the sales will have the impact of reducing 2017 funds from Operations by approximately $0.06 per share.
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focus on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 54 million square feet of real estate. Visit www.macerich.com for more information.
Merlone Geier Partners is a private real estate investment company that has been actively investing in West Coast Real Estate since 1993. They focus on the acquisition, development and redevelopment of retail and retail-driven mixed-use properties. They own over 24.5 million square feet of real estate and have acquired 144 properties. Additional information can be found at their website by visiting www.merlonegeier.com
Source: Macerich Company PRNewswire Release 1-19-17.
Aerial Photo Credit: www.OverSkagit.com
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