Deptford Mall part of $2.3B deal

The Macerich Co. has sold a large stake in the Deptford Mall as apart of a $2.3 billion transaction that involved a total eight of the company’s retail properties.

Macerich (NYSE: MAC) established two joint ventures with GIC Real Estate, which is a sovereign fund with Singapore, and Heitman, a global real estate investment firm.

The Deptford Mall was part of a larger transaction.

GIC took a 40 percent interest in five properties while Heitman took a 49 percent stake in three malls.

The Deptford Mall had sales of $595 a square foot and was 93.6 percent occupied at the time of this transaction, according to Macerich. Heitman took a 49 percent interest in the mall, located at 1750 Deptford Center Road in Deptford, N.J.

The 1.04 million-square-foot property is a major South Jersey shopping destination and is the seventh largest mall in the Garden State.

Macerich bought the Deptford Mall in 2007 for $241 million from Simon Property Group (NYSE: SPG).

It was the only Macerich owned property that was part of the transaction with GIC and Heitman. Macerich plans to use the proceeds in a stock buy-back program.

Source: Philadelphia Business Journal