Macerich, General Growth Announce Property Swap and Cash Deal

The Macerich Co. and General Growth Properties Inc. announced a deal for the sale to Macerich of General Growth's one-third ownership interest of Superstition Springs Mall and Arrowhead Towne Center , both in the Phoenix market, together with the purchase of six big-box anchor locations in Arizona, California, Illinois and Utah for a net of $75 million in cash to General Growth.

"The success of these two properties can be attributed to Macerich's hands-on partnership over the years. This is an opportunity for both companies," General Growth CEO Sandeep Mathrani said in a statement. "This deal not only provides GGP with additional capital to either pay off debt or reinvest in our properties, it also helps us further solidify our focus on our core assets. We are now in possession of six high profile anchor locations that will add to GGP's bottom line and provide further value for our shareholders."

"I totally concur with Sandeep's understanding of the importance of owning the anchors and their parking fields in one's valuable malls as it gives an owner great redevelopment flexibility,” added Macerich Chairman and CEO Arthur Coppola in a statement. “This is a transaction that has been a natural conversation for over 3 years and we are pleased that with the new leadership team in place at GGP that it has resulted in an exchange that is good for both GGP and MAC."

“The acquisition of Chapel Hills Mall along with Central Mall acquired in December and the portfolio acquired in September comprising of six properties, has established for our partnership a new corporate platform,” Coyote Chairman and CEO Michael Rulli said in a statement. “We are very enthused with the momentum and direction of our company and look forward to increasing ownership of assets like these over the near term.”

Tanger Factory Outlet Centers Inc. executed a commitment letter for a $150 million senior unsecured bridge facility with Wells Fargo Bank N.A. . The facility may be used to fund the acquisition of properties and for general corporate purposes and will bear interest at a spread over LIBOR of 160 basis points, based on the Tanger's current long-term debt rating.

RED and CDK’s unnamed client have formed RED Consolidated Holdings LLC , a real estate holding company that owns 22 properties totaling more than nine million square feet in twelve states. This new venture consolidates real estate development projects owned by the parties with the operating companies of RED which will provide the venture with greater access to capital and new opportunities.

Goodwill Goes to the Mall! « Where the Goodwill Goes

Were you at the mall last weekend? Lucky you then, because you might have caught a glimpse of our handsome new Goodwill trucks. We’ve teamed up with 4 New York and New Jersey area malls to collect your donations all spring & summer long ! After all, who couldn’t use a little more room in their closets – especially after a day at the mall.

You can find our trucks at Brunswick Square Mall (755 State Route 18, East Brunswick, NJ 08816) and Jefferson Valley Mall (650 Lee Boulevard, Yorktown Heights, NY 10598) on June 4th & 5th, June 18th & 19th,  July 9th & 10th, July 23rd & 24th, August 6th & 7th, August 20th & 21st, and September 17th & 18th.

As for what you should bring to donate: we’re accepting clothes, shoes, accessories, handbags, luggage, jewelry, clean domestics (curtains, linens, bedspreads, blankets area rugs), books (except old encyclopedias & marked-up textbooks), sports/trading cards, records, CDs, videos, DVDs, small working electronics (CD players, DVD players, game systems, radios), computers, computer peripherals, working digital televisions, small working appliances (blenders, mixers, microwaves, toasters, toaster ovens), house wares (dishes, flatware, utensils, vases, lamps), art, antiques, collectibles, knick-knacks, decorations, sporting goods and clean stuffed animals.

An FYI for all you generous Goodwill donaters out there: we’re unable to take anything broken, damaged or not working (except computers), furniture, mattresses, futons, analog televisions, large appliances (refrigerators, stoves, washer-dryers, air conditioning units), large exercise equipment, automobile parts of any kind (tires, rims, hubcaps), bathroom & kitchen fixtures, hazardous materials (paint, household chemicals, insecticides), perishable items (food, medicine, out-of-date cosmetics), gas-powered equipment (gas grills, lawnmowers), medical equipment (except walkers and wheelchairs in good condition), baby equipment or furniture (strollers, car seats, carriers, cribs, play pens, play yards), toys (except collectibles, antiques & clean stuffed animals), children’s clothing with metal, painted appliqué or drawstrings, children’s jewelry, puzzles and games with small pieces, and recalled items.

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