Macerich Purchases Remaining 40% Share Of Both Arrowhead Towne Center (Metro Phoenix) And South Plains Mall (Lubbock, Texas) For $36.5M Plus Debt

This transaction, which closed on May 14, gives Macerich full ownership of both properties. Additionally, Macerich has executed a contract for the sale of an open-air asset in a major market. The transaction is expected to generate approximately $110,000 million of net proceeds based on an expected cap rate of 6.5% and is anticipated to close this summer.