Macerich Expands Arizona Center

• By Zacks Equity Research
• On 3:59 pm EDT, Monday October 26, 2009

The Macerich Company (NYSE: MAC - News), a leading real estate investment trust (REIT), has recently opened the expansion center of Scottsdale Fashion Square, its flagship store in Arizona, featuring the region’s first Barney’s New York departmental outlet along with 18 additional new retailers and restaurants. 

Spanning across 1.9 million square feet, Scottsdale Fashion Square features leading department store chains such as Neiman Marcus, Nordstrom Inc. (NYSE: JWN - News), Macy's Inc. (NYSE: M - News) and Dillard’s Inc. (NYSE: DDS - News). The shopping center is strategically located at the focal point of the city’s shopping, dining and cultural attractions. 

Macerich focuses on leasing regional and community shopping centers throughout the U.S. The company focuses on high barrier-to-entry markets and operates through its limited partnership, The Macerich Partnership L.P., in which it holds an 87% stake. Currently, Macerich owns or has a managing interest in 72 regional shopping centers totaling approximately 75 million square feet of gross leasable area. 

Macerich has a strong concentration of malls in Arizona and California. With the 2005 acquisition of Wilmorite Properties’ portfolio of 13 mall and strip centers, the company has further expanded its portfolio of properties in the Eastern US, including Virginia and New Jersey.

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