Macerich announces acquisition of Crabtree Mall

The Macerich (MAC) Company announced the acquisition of Crabtree Mall, a Class A retail center totaling approximately 1.3M square feet in Raleigh, NC for $290M. “Crabtree checks all the boxes for pursuing opportunistic external growth with its strong traffic and sales, its market-dominant position in a high-growth market, the ability to drive improvements in permanent leasing and NOI as well as the accretion to our 2028 target FFO ranges under the Path Forward Plan,” said Jack Hsieh, President and Chief Executive Officer, Macerich. “We have successfully de-risked the execution of the Path Forward Plan with 62% of our new lease deals achieved to date, placing us well ahead of schedule to reach 70% of the Path Forward leasing target by year-end 2025. We are on track with the operational performance improvement and asset sale components of the plan as well, positioning us to create additional value with the acquisition of this irreplaceable retail property.”