Macerich Acquires Market-Dominant Crabtree Mall for $290 Million

Macerich, a leading real estate investment trust, has acquired Crabtree Mall in Raleigh, North Carolina, for $290 million. This Class A retail center spans approximately 1.3 million square feet and is a key acquisition aligning with Macerich's Path Forward Plan aimed at opportunistic external growth. Crabtree Mall, a dominant player in the high-growth Research Triangle region, garners substantial foot traffic and sales with over 200 stores, including prominent retailers and dining options. The acquisition is set to yield an initial return of around 11%, with potential to rise to 12.5% with leases commencing in 2027. Macerich plans to invest an additional $60 million into redevelopment and leasing improvements, boosting the mall's performance further. The transaction was funded through available cash and a line of credit, with plans for subsequent refinancing. This acquisition complements Macerich's existing presence in strategic U.S. markets, enhancing its portfolio in the Southeast and reinforcing its commitment to sustainable and socially responsible real estate practices.