The Macerich Co. acquired two shopping malls in Southern California totaling 1 million square feet.
The combined total purchase price for both properties was $151.3 million.
La Cumbre Plaza in Santa Barbara is a 494,00-square-foot Mediterranean-themed, open-air regional mall anchored by Sears and Robinson-May. It also features notable tenants such as Ann Taylor, Talbots, William-Sonoma and Pottery Barn. The center was approximately 94 percent occupied at the time of sale.
The Mall of Victor Valley is a 507,000-square-foot regional mall anchored by JC Penney, Harris, Sears and Mervyn’s. In addition, there is a 28,000-square-foot Cinemark Theater and a Barnes and Noble. The property was approximately 96 percent leased at the time of sale.
The Macerich Company is a fully integrated, self-managed and self-administered real estate investment trust.
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