General Growth (GGP), Macerich (MAC) Enter $75M Property Swap

General Growth Properties, Inc. (NYSE: GGP) and Macerich (NYSE: MAC) have entered into a deal in which Macerich will acquire GGP’s 1/3 ownership each of Superstition Springs and Arrowhead Towne Center, both in the Phoenix market, for a net of $75 million cash to GGP.

As part of the deal, GGP will become owner of six big-box anchor locations in Arizona, California, Illinois and Utah previously owned by Macerich.

The six big box anchor locations include:

• Neiman Marcus at Oakbrook Center in Chicago, Illinois
  
• Burlington Coat Factory at Chula Vista Center in San Diego, California
  
• Forever 21 at Tucson Mall in Tucson, Arizona
  
• Kohl’s at Southland Mall in Hayward, California
  
• Former vacant Mervyn’s locations at Fallbrook Mall in Fallbrook, CA, and Newgate Mall in Ogden, Utah

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