AcquisitionsMay 6, 2026, 04:19 PM
Macerich Acquires Annapolis Mall & Sears Parcel for $272M
AI Summary
Macerich acquired Annapolis Mall, a 1.5 million sq ft Class A retail center, for $260 million, plus an adjacent 13.1-acre vacant Sears parcel for $12 million, totaling $272 million. The company expects a Year 1 NOI yield of 9.2% (10.5% including SNO leases) and a stabilized pro forma yield of 11.0% by 2030. Macerich plans to invest $40 million in leasing capital and funded the acquisition with cash on hand and $150 million from its revolving credit line, aligning with its de-leveraging targets.
Key Highlights
- Acquired Annapolis Mall for $260 million and an adjacent 13.1-acre Sears parcel for $12 million.
- Total acquisition cost is $272 million.
- Expected Year 1 NOI yield of 9.2%, increasing to 10.5% with signed-not-open (SNO) leases.
- Stabilized pro forma yield projected to reach 11.0% by 2030.
- Plans to invest approximately $40 million in leasing capital at the property.
- Funded acquisition with cash on hand (including $85 million from ATM) and $150 million from credit line.
- SNO leases represent 353,000 square feet expected to commence in 2026-2027.