Macerich Purchases Remaining 40% Share Of Both Arrowhead Towne Center (Metro Phoenix) And South Plains Mall (Lubbock, Texas) For $36.5M Plus Debt
Portfolio Pulse from Benzinga Newsdesk
Macerich has acquired the remaining 40% share of Arrowhead Towne Center and South Plains Mall for $36.5M plus debt, giving it full ownership of both properties. Additionally, Macerich has a contract to sell an open-air asset, expected to generate $110M in net proceeds.
May 16, 2024 | 10:08 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Macerich has acquired the remaining 40% share of Arrowhead Towne Center and South Plains Mall for $36.5M plus debt, giving it full ownership of both properties. Additionally, Macerich has a contract to sell an open-air asset, expected to generate $110M in net proceeds.
The acquisition of the remaining shares in two major properties and the sale of an open-air asset are significant moves for Macerich. Full ownership of the properties could lead to better operational efficiencies and higher revenue. The sale of the open-air asset will provide substantial liquidity, which can be used for further investments or debt reduction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100