The Macerich Company (MAC), a leading real estate investment trust (REIT), has recently refinanced South Plains Mall, a 1.2 million square feet shopping mall in Lubbock, Texas. The $105 million refinancing transaction took place with the Royal Bank of Scotland, one of the retail banking subsidiaries of the Royal Bank of Scotland Group Plc (RBS).
South Plains Mall, the largest shopping center within a 120 mile radius of the city, is anchored by four leading retail giants – Sears Holdings Corporation (SHLD), J. C. Penney Company Inc. (JCP), Dillard’s Inc. (DDS), and Bealls. The mall has over 155 specialty stores and generates over 10 million shopper visits annually, serving the entire South Plains region.
Macerich is one of the largest operators of regional and community shopping centers in the U.S., with assets in high barrier-to-entry markets that have fared relatively well despite a challenging macroeconomic environment. The company operates through its limited partnership, The Macerich Partnership, L.P., in which it holds an 89% ownership stake.
As of Dec 31, 2009, Macerich owned managing interests in 72 regional shopping centers and 14 community shopping centers spanning approximately 75 million square feet of gross leasable area. The company has strong concentration of malls in Arizona and California. With the 2005 acquisition of Wilmorite’s portfolio of 13 mall and strip centers, Macerich has also built a strong portfolio of properties in the Eastern U.S., including Virginia and New Jersey.
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Read the full analyst report on “SHLD”
Read the full analyst report on “JCP”
Read the full analyst report on “DDS”
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