Macerich (MAC) announces sale of La Encantada for $165 million.

The Macerich Company (MAC) announced today that it has sold its La Encantada property in Tucson for gross proceeds of $165.3 million.  The 246,000 open-air center will generate approximately $100 million of incremental liquidity for MAC, net of $60 million in mortgage debt.

The Macerich Company owns and manages a portfolio of 46 upscale regional malls and five community centers concentrated in California (28% of NOI), Phoenix (16%), and the NYC / Washington D.C. corridor (39%). The properties comprise 46 million square feet of GLA and were 89.4% leased as of June 30, 2021. MAC is a member of the S&P 500 with a total market capitalization of approximately $11.6 billion.