Macerich is selling La Encantada in Tucson, generating ~ $ 100 million in incremental liquidity

This transaction builds on the March 2021 Sale of 95% of Paradise Valley Mall, a non-core asset in Phoenix, which grossed Macerich approximately $ 95 million in net sales. The strategy of selling non-core assets is over $ 200 million of liquidity in the first nine months of 2021.

“In addition to selling these properties, we are successfully running a solid land and pad sales program that we expect to see additional $ 100 million in the period 2021-2023 “said Ed Coppola, President, Macerich. “Our focused divestment efforts should enable us to recycle capital into key consolidation and diversification activities as we continue to execute our downtown strategy across a number of Macerich properties across the country.”

About Macerich

Macerich is a fully integrated, self-managed and self-managed real estate mutual fund that focuses on the acquisition, rental, management, development and redevelopment of regional city centers throughout United States.

Macerich currently owns 49 million square feet of real estate, consisting primarily of holdings in 45 regional city centers. Macerich specializes in successful retail properties in many of the country’s most attractive, most populated markets, with a significant presence on the west coast of Arizona and on the New York metro corridor to Washington, DC. A recognized leader in sustainability, Macerich has ranked number 1 on the GRESB rankings in the North American retail sector for six years in a row (2015-2020). Additional information about Macerich is available on the company’s website at www.Macerich.com.

SOURCE: Macerich

SOURCE Macerich Company

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