Macerich Acquires Crabtree Mall in Raleigh for $290 Million
The Macerich Company (NYSE: MAC) has acquired Crabtree Valley Mall, a premier Class A retail center located in Raleigh, North Carolina, for $290 million. The 1.3 million-square-foot property features 200 stores, dozens of restaurants, and three anchor tenants.
Macerich anticipates an initial yield of approximately 11% on the acquisition based on the mall’s projected 2025 net operating income (NOI). The yield is expected to increase to approximately 12.5% when including leases that have been signed but are not yet generating rent, with rent commencement projected for 2027.
Looking ahead, Macerich plans to invest approximately $60 million between 2025 and 2028 as part of a strategic redevelopment and leasing initiative to further enhance the mall’s performance and long-term value.
The acquisition was funded with a combination of cash on hand and $100 million drawn from the company’s revolving line of credit. Macerich expects to repay the line of credit within 30 days using proceeds from an anticipated $160 million, two-year term loan.
