Rouse Rounds Up Two More Malls

New York-based publically traded REIT Rouse Properties Inc. announced yesterday it had purchased two malls for $292.5 million.

The malls, the company's press release notes, were acquired "from certain affiliates" of Macerich, of Santa Monica, Calif., another NYSE REIT.

The new acquisitions are:

  • Chesterfield Towne Center, in Richmond, Va., a 38-year-old mall that Rouse Properties says was renovated five years ago.  The company's press release says it is 88.1% leased.  Rous says it has "assumed an existing $109.7 million non-recourse loan with a 4.75% interest rate and an October 2022 maturity date."
  • The Centre at Salisbury, in the largest city on the Eastern Shore in Salisbury, Md.  Rouse Properties reports that the facility, at 862,000 square feet, "enjoys a dominant competitive position as the only enclosed mall for over 55 miles" at the intersection of Maryland, Virginia, and Delaware. The mall opened in 1990 and was renovated three years ago. The press release says that the mall is 93.8% leased, and "Rouse assumed an existing $115[] million partial-recourse loan with a 5.79% interest rate and a May 2016 maturity date."

In a statement, Andrew Silberfein, Rouse Properties' president and CEO said,

These malls both serve expansive trade areas with limited enclosed mall competition, supporting strong inline and anchor sales volumes. The acquisition will diversify Rouse’s geographic presence with Maryland and Virginia representing our 20th and 21st states.

 

 

Rouse Properties owns 34 malls in 21 states for a total of 23.4 million square feet.

comments powered by Disqus