India, June 24 -- The Macerich Company (MAC) announced the acquisition of Crabtree Mall, a Class A retail center totaling approximately 1.3 million square feet in Raleigh, NC for $290 million. Macerich has funded the acquisition with cash on hand and $100 million of borrowings on revolving line of credit.
Macerich expects an initial yield on the Crabtree acquisition of approximately 11% based on the property's estimated 2025 net operating income and an estimated yield of approximately 12.5% inclusive of current leases signed but not opened with rent expected to commence in 2027. Over the course of 2025 through 2028, the company plans to implement a strategic investment plan at the property totaling approximately $60 million of new redevelo...