Macerich acquires Crabtree Mall in Raleigh, NC for $290M; initial yield ~11%

MACERICH CO

Acquisition of 1.3M sq ft Class A mall in Raleigh, NC for $290M funded with cash on hand and $100M revolver.
Expected initial yield of ~11% on estimated 2025 NOI, rising to ~12.5% after leased-but-not-opened rents commence.
Macerich plans ~$60M redevelopment/leasing investment from 2025-2028 to enhance property performance.
Expects to replace revolver draw with $160M two-year term loan at SOFR+250 bps within 30 days.
Deal is accretive to Path Forward Plan 2028 FFO targets and marks entry into Southeastern US.

item 7.01item 8.01item 9.01

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.