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Rouse Acquires Pair of Malls in Richmond and Maryland's Eastern Shore for $292.5 Million

New York REIT Enters Virginia and Maryland with Acquisitions of Chesterfield Towne Center in Richmond and Centre at Salisbury in Salisbury, MD
December 12, 2013
Rouse Properties, Inc. (RSE), a New York-based REIT that owns and operates enclosed regional malls, recently finalized the acquisition of Chesterfield Towne Center, in Richmond and The Centre at Salisbury in Salisbury, MD, for a total purchase price of approximately $292.5 million.

Both malls were acquired from affiliates of The Macerich Company.

"These malls both serve expansive trade areas with limited enclosed mall competition, supporting strong inline and anchor sales volumes," said Andrew Silberfein, president and chief executive officer of Rouse Properties. "The acquisition will diversify Rouse’s geographic presence with Maryland and Virginia representing our 20th and 21st states. We see opportunities at both malls to apply our strong platform to substantially improve the malls’ economic metrics, merchandising mix and tenant quality."

Chesterfield Towne Center is a 1,018,000-square-foot regional mall in Chesterfield County serving a trade area of over 550,000 people. The mall opened in 1975 and was renovated in 2008. Retail anchors include Macy’s, Sears, JCPenney and Garden Ridge. The mall is currently 88.1% leased with average inline sales of approximately $360 per square foot.

Rouse said it assumed an existing $109.7 million non-recourse loan with a 4.75% interest rate and an October 2022 maturity date as part of the acquisition.

The Centre at Salisbury is smaller, 862,000-square-foot regional mall located on Maryland's Eastern Shore that serves as the only enclosed mall for more than 55 miles serving a trade area of over 330,000 people across nine counties in Maryland, Virginia, and Delaware.

Opened in 1990 and renovated in 2010, the mall is anchored by Macy’s, Boscov’s, Sears, JCPenney and Dick’s Sporting Goods. A 16-screen Regal Cinema occupies a 72,000 square foot outparcel. The center is currently 93.8% leased with average inline sales of approximately $320 per square foot. As part of the acquisition, Rouse assumed an existing $115.0 million partial-recourse loan with a 5.79% interest rate and a May 2016 maturity date.

Rouse Properties has a diverse portfolio that includes 34 malls in 21 states encompassing 23.4 million square feet. Please refer to CoStar Comp # 2907732 for more inforamtion on this transaction.

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