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Macerich Sells Minority Stake in Eight Malls Including Los Cerritos Center and Lakewood

Macerich Co. agreed to sell minority stakes in eight U.S. malls for $2.3 billion to Singapore’s GIC Pte and property investor Heitman LLC, a deal that will allow the landlord to pay a special dividend, buy back shares and cut debt.

GIC, in its first deal with Macerich, will own 40 percent of five malls, and Heitman will have a 49 percent interest in three, Macerich said in a statement Wednesday. The transactions are scheduled to close in phases starting in October and concluding in the first quarter.

Macerich has been under pressure to boost shareholder value after spurning a takeover offer from Simon Property Group Inc. earlier this year. The $2.3 billion deal with GIC and Heitman includes $1.14 billion of proceeds from new financing on five properties as part of the deal, Macerich said. The company plans to use the proceeds for share buybacks, debt reduction and a special dividend of $3.50 to $4.50 a share.

GIC will own stakes in Arrowhead Towne Center in Glendale, Arizona; Lakewood Center in Lakewood, California; Los Cerritos Center in Cerritos, California; Washington Square in Portland, Oregon; and South Plains Mall in Lubbock, Texas. Heitman will gain interests in Deptford Mall in Deptford, New Jersey; FlatIron Crossing in Broomfield, Colorado; and Twenty Ninth Street in Boulder, Colorado.
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2 Responses to Macerich Sells Minority Stake in Eight Malls Including Los Cerritos Center and Lakewood

  1. Too Cheesy Reply

    October 4, 2015 at 7:32 pm

    Los Cerritos Mall is dirty & does not have to be this dirty, because of construction . Mgmt has raped the buyers/shopper; plus city staff have been lazy to allow this to happen, chasing tax dollars to other surrounding malls in So Bay and OC Malls. Long Beach now has Nordies, so we lost (90803) Naples and Belmont Shore clients.

    Cheesecake Factory will be supported by Rossmoor and Lakewood residents, Chinese from Cerritos are too dumb to know what good cheesecake should taste like.

    Toooooo many theaters in row: Downey-Cerritos-Long Beach Towne Center-CCPA & Marina Pacific. Hollywood is not making enough movies to draw from.

    Cerritos needs Ikea and Car Hop Cafe.

  2. Saks Reply

    October 1, 2015 at 4:17 pm

    This was a no brainier we all saw this coming. They were terrible as property managers, and it shows in the malls, they really let them go down bad.

    Even the new retro Los Cerritos mall today, has less store square footage, and less parking in the mall. We all knew this would be sold eventually, when the high speed train was derailed from passing through this mall, plus no bus depot!

    Glad to see said PM go, I hate to see anything Chinese coming into this area, because they will start selling Chinese fortune cookies from the Cheesecake Factory, and Nordstrom will start selling clothes sizes 1 through 5, to fit the Chinese, and hell with the European body figures.

    Puppy Mill smelled with manure, Fiat Dealership smelt like fuel and then those window peep shows, to look at pervert teens modeling trendy clothes. Sofa chairs placed in the center isles, were covered w/ lice and bed bugs. Festival of Friendship another way to appease immigrants and keep serious buyers locked out of the mall.

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