Macerich buys Annapolis Mall and adjacent parcel for $272 million
Updated
Updated · MarketWatch · May 6
Macerich buys Annapolis Mall and adjacent parcel for $272 million
8 articles · Updated · MarketWatch · May 6
The Maryland deal includes a vacant Sears parcel, while Macerich plans about $40 million in leasing capital for the 1.5 million-square-foot property.
The acquisition excludes the Macy's anchor, which Macerich does not own, and a vacant JCPenney store that is being actively retenanted.
Investors including Centennial and Atlas Hill RE bought the mall in 2024. Macerich also reported first-quarter adjusted funds from operations of 34 cents a share, flat year on year.
With malls nationwide adding housing, is Macerich's retail-only bet on Annapolis Mall a visionary move or a strategic misstep?
How will evicting a popular animal shelter impact Macerich's projected 11% return on its massive new mall investment?