Macerich Explained
The Macerich Company is a real estate investment trust that invests in shopping centers. It is the third-largest owner and operator of shopping centers in the United States. As of December 31, 2020, the company owned interests in 52 properties comprising 50 million square feet of leasable area.[1] The company name is a portmanteau of its founders, Mace Siegel and Richard Cohen.[2]
History
The company traces its antecedents to the MaceRich Real Estate Company founded in New York in 1964 by Mace Siegel and Richard Cohen who combined their first names to name their company.
In 1994, the company became a public company via an initial public offering.[3]
In 2002, Macerich acquired Phoenix, Arizona-based Westcor for $1.475 billion. The purchase added 9 properties to Macerich's portfolio making them the largest mall owner in the Phoenix Metropolitan Area.[4]
In 2005, the company acquired most of Rochester, New York-based Wilmorite Properties' portfolio for $2.333 billion, adding 11 shopping centers to Macerich's portfolio, including Tysons Corner Center in Tysons, Virginia.[5]
In 2006, the company name was rebranded to "Macerich."[6]
On April 1, 2015, the company rejected a $16.8 billion takeover offer from Simon Property Group, claiming that the offer undervalued the company. Simon withdrew the offer.[7] [8]
In November 2024, the company acquired 40% Stake in Pacific Premier Retail trust.[9]
Notable investments
| Mall | Location | Notes |
|---|
| Arrowhead Towne Center | Glendale, Arizona | 60% ownership with GIC[10] |
| Biltmore Fashion Park | Phoenix, Arizona | |
| Broadway Plaza | Walnut Creek, California | |
| Chandler Fashion Center | Chandler, Arizona | |
| Danbury Fair Mall | Danbury, Connecticut | |
| Deptford Mall | Deptford Township, New Jersey | |
| Desert Sky Mall | Phoenix, Arizona | |
| Eastland Mall | Evansville, Indiana | |
| Fashion District Philadelphia | Philadelphia, Pennsylvania | |
| Fashion Fair Mall | Fresno, California | |
| Fashion Outlets of Chicago | Rosemont, Illinois | |
| Fashion Outlets of Niagara Falls | Niagara Falls, New York | |
| Flatiron Crossing Mall | Broomfield, Colorado | |
| Freehold Raceway Mall | Freehold Township, New Jersey | |
| Green Acres Mall | Valley Stream, New York | |
| Inland Center | San Bernardino, California | |
| Kierland Commons | Phoenix, Arizona | |
| Kings Plaza | Brooklyn, New York | |
| La Cumbre Plaza | Santa Barbara, California | long-term lease through 2077[11] |
| Lakewood Center | Lakewood, California | 60% ownership with GIC |
| Los Cerritos Center | Cerritos, California | 60% ownership with GIC |
| The Mall of Victor Valley | Victorville, California | |
| The Marketplace at Flagstaff | Flagstaff, Arizona | |
| NorthPark Mall | Davenport, Iowa | |
| The Oaks | Thousand Oaks, California | |
| Pacific View Mall | Ventura, California | |
| Queens Center | Queens, New York | |
| Santa Monica Place | Santa Monica, California | |
| SanTan Village | Gilbert, Arizona | |
| Scottsdale Fashion Square | Scottsdale, Arizona | |
| The Shops at Atlas Park | Queens, New York | |
| The Shops at North Bridge | Chicago, Illinois | |
| South Plains Mall | Lubbock, Texas | 60% ownership with GIC |
| SouthPark Mall | Moline, Illinois | |
| Southridge Mall | Des Moines, Iowa | |
| Stonewood Center | Downey, California | |
| Superstition Springs Center | Mesa, Arizona | |
| Towne Mall | Elizabethtown, Kentucky | |
| Twenty Ninth Street | Boulder, Colorado | |
| Tysons Corner Center | Tysons Corner, Virginia | |
| Valley Mall | Harrisonburg, Virginia | |
| Valley River Center | Eugene, Oregon | |
| The Village at Corte Madera | Corte Madera, California | |
| Vintage Faire Mall | Modesto, California | |
| Washington Square | Tigard, Oregon | 60% ownership with GIC |
| Wilton Mall | Wilton, New York | | |
See also
- Shopping property management firms
Notes and References
- Web site: The Macerich Company 2020 Form 10-K Annual Report . U.S. Securities and Exchange Commission.
- Web site: Prideful Mall Giant Macerich Burns a Hole in Canadian Teachers' Pension Investor - SWFI. www.swfinstitute.org. 2020-04-21.
- Web site: Macerich Marks 30 Years as Public Company, Rings Closing Bell at New York Stock Exchange. March 12, 2024. Macerich. en-US. September 28, 2024.
- News: Westcor sold for $1.5B . Mike . Padgett . . May 31, 2002.
- News: Macerich to Acquire Wilmorite Properties In $1.45 Billion Deal . Ray A. . Smith . . December 24, 2004.
- Web site: Investing in Macerich: a Must-Know Company Overview. 2015-10-15. Market Realist. en-US. 2020-04-21.
- News: Stahl . George . Macerich Rejects Simon Property's $16.8 Billion Takeover Bid . . April 1, 2015 . subscription.
- News: Gara . Antoine . Simon Property Withdraws $95.50 A Share Macerich Takeover Bid . . April 1, 2015.
- Web site: November 8, 2024 . Santa Monica-based Macerich Company Acquires 40% Stake in Pacific Premier Retail Trust . Los Angeles Times.
- News: Macerich Sells Mall Interests to GIC, Heitman for $2.3 Billion . Hui-yong . Yu. . January 4, 2016 . subscription.
- News: Molina . Joshua . 2023-01-03 . Macy's Will Be Out of La Cumbre Plaza by 2028 as Housing Plans Roil Santa Barbara . en-US . Noozhawk . 2023-01-04.
