The Macerich Co. acquired 1750 Deptford Center Road from Simon Property Group Inc. for $241 million or $231.73 per square foot.
The two-story, 1.04 million-square-foot, super regional mall was built in 1975, renovated in 1991, and is located in Gloucester County. Deptford Mall, anchored by Boscov’s, JC Penny, Sears, and Macy’s, also offers 343,000 square-feet of mall shop space.
Macerich reported approximate annual tenant sales are $507 per square foot. Currently, the Deptford Mall has an occupancy level of 94%.
Macerich reported taking out a 5-year $172.5 million fixed-rate loan with an interest rate of $5.44% to complete the purchase.
The buyer and seller were self-represented.
Separately, Macerich announced that it sold Crossroads Mall in Oklahoma City, the Northwest Arkansas Mall in Fayetteville, AR, and The Citadel Mall in Colorado Springs for a combined sales price of $375 million.
Macerich sold the malls to a group of Arkansas investors and developers.
Midwest Mall Properties, an LLC formed by Doyle Rogers and John Flake of Little Rock and Sam Mathias of Springdale for the transaction, bought the Crossroads Mall as well as the 1-million-square-foot Citadel Mall in Colorado Springs, and the 820,700-square-foot Northwest Arkansas Mall in Fayetteville.
The 46-acre, 35-year-old Crossroads Mall at Interstates 35 and 240 in South Oklahoma City is the largest of the three. Dillard’s and J.C. Penney anchor all three malls. The Northwest Arkansas Mall, the state’s second-largest mall, is also anchored by Sears, while Crossroads and the Citadel are also anchored by Macy’s.
Brock Martin, a principal with Orion Capital Partners, served as advisor for the transaction.