For: The Macerich Company, Santa Monica, Calif.
From: Parness & Associates, Aberdeen, N.J. For Immediate Release
MACERICH SIGNED LEASES FOR OVER 900,000 SQ. FT. IN THIRD QUARTER
SANTA MONICA, Calif. (11/10/05)—Reflecting strong activity throughout its existing portfolio as well as recent acquisitions, The Macerich Company (NYSE: MAC) executed 293 leases for 893,019 square feet of space in its shopping center properties during the third quarter of 2005. One-hundred-seventy-three (or 59%) of the leases completed during the three months ended September 30 were new transactions (including five relocations and one expansion) and 120 were renewals.
Macerich’s totals for the 2005 quarter included 20 leases for 44,227 square feet in properties acquired after the third quarter of last year, including the East Coast Wilmorite portfolio purchased in late April, as well as Ridgmar Mall in Fort Worth, Texas, and Fiesta Mall, Kierland Commons and Metrocenter in the greater Phoenix area. Excluding those properties, the totals of 273 leases for 848,792 square feet generated for the core portfolio still represented an increase over the 222 deals for 533,538 square feet compiled in the third quarter of 2004.
For the first nine months of 2005, the company consummated 721 leases for 2.32 million square feet of space. This compared with 662 leases for1.96 million square feet in the first nine months of 2004.
Within the company’s core portfolio, the third quarter 2005 activity was fueled by:
*Leases completed in connection with the additions of a new wing at Washington Square in metro Portland, Ore., and an outdoor lifestyle center at Fashion Fair in Fresno, Calif. Thirteen new leases were signed for 37,092 square feet at Washington Square, while Fashion Fair saw 11 new transactions for 36,755 square feet. These included leases at both properties with The Cheesecake Factory, Bebe, Metro Park, and Bebe. Fashion Fair also completed deals with Fleming’s Steakhouse, Bebe Sport and Club Libby Lu, while Washington Square added such names as Janeville, Janie & Jack, Naartjie, Pottery Barn Kids and Williams- Sonoma.
*An acceleration of activity in the company’s Lumenati luxury property group, led by especially strong showings at The Oaks in Thousand Oaks, Calif. and at Scottsdale Fashion Square. Nine new leases (including one expansion) totaling 24,132 square feet were executed for The Oaks, including deals with Apple Computer, Ben Bridge Jewelers, Coldwater Creek, J. Jill and Sigrid Olsen. Scottsdale Fashion Square weighed in with seven new leases for 24,182 square feet, which will introduce such names as Gucci, Tourneau, Lucy, and the first Yard House restaurant in the Macerich portfolio.
*Major activity at Valley View Center in Dallas, where nine new leases were signed for a total of 122,894 square feet. These included the releasing of the property’s freestanding 60,800-square-foot sports facility to Athletics, Inc., and the transaction for a 41,457-square-foot Steve & Barry’s University Sportswear inside the mall.
*The success of ongoing efforts to add sit-down restaurants, with seven new leases signed for spaces ranging from 5,000 square feet to over 11,000 square feet. These were led by the aforementioned transactions with The Cheesecake Factory, Flemings and Yard House, as well as a lease with Johnny Carino’s for Cascade Mall in Burlington, Wash.
*Leases for ‘big-box’ space at three other properties, including Best Buy for 30,038 square feet in a new pad space at Northridge Mall in Salinas, Calif.; Habitat for Humanity’s Home Improvement Re-Store for 28,605 square feet in strip center space at Greeley (Colo.) Mall; and Bed, Bath & Beyond
for 22,823 square feet in new space at Camelback Colonnade in Phoenix.
Commenting further on the leasing team’s third quarter performance, Dane Smith, senior vice president, leasing, said, “In an effort to continue to improve occupancy, we are being very creative in filling
secondary and tertiary space in our centers.” Examples of those efforts include a total of 11,477 square feet of space that was leased for military recruiting offices at Valley View Center and at Chesterfield Towne Center in Richmond, Va.
“Our productivity was also underscored by the large number of multi-property deals executed with prominent tenants during the quarter,” added Tom Unis, senior vice president, lease management. In addition to the previously mentioned leases signed with Cheesecake Factory, Bebe and Metro Park, other merchants signing deals for multiple properties included Coldwater Creek (four leases); Dell Direct and Journey’s (each with three); and Aeropostale, Aldo, D.E.M.O., Hollister Co., No Fear, One Thousand Steps, Shiekh Shoes, and Sigrid Olsen (each with two).
A listing of new leases (including expansions and relocations) signed for Macerich properties during the third quarter of 2005 follows:
Arrowhead Towne Center, Glendale, Ariz: Aldo, 2,360 sq. ft.; Cathy Jean, 1,365 sq. ft.; Coldwater Creek, 5,476 sq. ft.; Glamour Shots, 1,400 sq. ft.; Industrial Rideshop, 3,360 sq. ft.; Paris Optique, 1,056 sq. ft.; and Puppies N’ Love, 2,092 sq. ft.
Biltmore Fashion Park, Phoenix, Ariz.: This Little Piggy Wears Cotton, 2,000 sq. ft.
Boulevard Shops B, Chandler, Ariz.: Omaha Steaks, 1,442 sq. ft.
Broadway Plaza, Walnut Creek, Calif: Sigrid Olsen, 1,821 sq. ft.
Camelback Colonnade, Phoenix, Ariz.: Bed, Bath & Beyond, 22,823 sq. ft., and Tacone, 1,650 sq. ft.
Capitola (Calif.) Mall: Ciao!, 1,010 sq. ft.; Cingular Wireless, 1,742 sq. ft.; No Fear, 930 sq. ft.; and Shiekh Shoes, 1,921 sq. ft.
Carmel (Calif.) Plaza: Mackie’s Parlour, 1,028 sq. feet.
Cascade Mall, Burlington, Wash.: Johnny Carino’s Country Italian, 6,722 sq. ft.
Chandler (Ariz.) Fashion Center: Coldwater Creek, 6,400 sq. ft., and Wireless 4 U, kiosk.
Chesterfield Towne Center, Richmond, Va.: U.S. Armed Forces Recruitment Center, 4,773 sq. ft.
The Citadel, Colorado Springs, Colo.: Consumer Pulse, 810 sq. ft.; Habachi San, 513 sq. ft.;
Hollister Co., 8,721 sq. ft.; and Panda Express, 770 sq. ft.
The Village at Corte Madera, Corte Madera, Calif., Cheaters, relocating to 1,147 sq. ft.
Crossroads Mall, Oklahoma: Ice Cream and More, 531 sq. ft., and Sonic 1,903 sq. ft.
Danbury (Conn.) Fair Mall: Finish Line, 4,017 sq. ft.
Desert Sky Mall, Phoenix, Ariz.: Joyeria Del Pueblo, 1,396 sq. ft.; Liberia Durango, 502 sq. ft.; and Lids, 791 sq. ft.
Empire Mall, Sioux Falls, S.D.: The Hottest Dog, 720 sq. ft.; Jos. A Bank Clothiers, 3,334 sq. ft.; PacSun, 4,500 sq. ft.; and Pané Bello, 4,500 sq. ft.
FlatIron Crossing, Broomfield, Colo.: The Dojo, 2,392 sq. ft.; Melt, Your Bath and Skincare Delicatessen, 800 sq. ft.; Papyrus, 1,010 sq. ft.; Sarku Japan Sushi Bar, 200 sq. ft.; and Twin Dragon Oriental Gifts, 907 sq. ft.
Freehold (N.J.) Raceway Mall: Clarks, 3,045 sq. ft., and Dell Direct Store, kiosk.
Fresno (Calif.) Fashion Fair: Bebe, 3,526 sq. ft.; Bebe Sport, 3,005 sq. ft.; The Cheesecake Factory, 10,300 sq. ft.; Club Libby Lu, 1,258 sq. ft.; Eclipse Eyewear, 1,100 sq. ft.; Fleming’s Prime Steakhouse and Wine Bar, 7,500 sq. ft.; Lavande Nails & Spa, 1,762 sq. ft.; Marche! By Takken’s Shoes, 1,876 sq. ft.; Metro Park, 3,085 sq. ft.; One Thousand Steps, 2,596 sq. ft.; and Rocky Mountain Chocolate Factory, 747 sq. ft.
Great Northern Mall, Clay, NY: Nextel, 1,875 sq. ft.
Greeley Mall, Greeley, Colo.: Habitat for Humanity Re-Store, 28,605 sq. ft., and Pretzelmaker, 810 sq. ft.
Green Tree Mall, Clarksville, Ind.: Journeys, 1,500 sq. ft.; Lenscrafters, 3,500 sq. ft.; Miracle Ear, 483 sq. ft.; ProfessioNail, 784 sq. ft.; and Sam Goody, 3,715 sq. ft.
Hilton Village Center, Scottsdale, Ariz.: Lindsay Lou, 2,093 sq. ft., and Mandy’s, 1,407 sq. ft.
Inland Center, San Bernardino, Calif.: Daniel’s Jewelers, 1,462 sq. ft., and Lids, 1,125 sq. ft.
Kierland Commons, Scottsdale, Ariz.: AREAD, Inc. I, 1,188 sq. ft.; AREAD, Inc. II, 4,537 sq. ft.; and Inspired Capitalworks, 6,598 sq. ft.
Kitsap Mall, Silverdale, Wash.: The Buckle, 4,409 sq. ft., and International Coffee House, 490 sq. ft.
La Encantada, Tucson, Ariz.: Coldwater Creek, 5,675 sq. ft., and Yankee Candle Company, 1,308 sq. ft.
Lakewood Center, Lakewood, Calif.: Aeropostale, 3,500 sq. ft., and Tiara’s Closet, 2,647 sq. ft.
Los Cerritos Center, Cerritos, Calif : American Eagle Outfitters, 5,800 sq. ft.; The Children’s Place, 4,290 sq. ft.; One Thousand Steps, 2,897 sq. ft.; and Red Rock Chili Co., 693 sq. ft.
Metrocenter, Phoenix, Ariz.: D.E.M.O., 3,692 sq. ft., and Tacos Adireli’s, 440 sq. ft.
Northridge Mall, Salinas, Calif.: Best Buy, 30,038 sq. ft.; Hollister Co., 4,838 sq. ft., Kay Jewelers, 1,500 sq. ft.; No Fear, 1,088 sq. ft.; and Sherri’s Cookies, 900 sq. ft.
Northwest Arkansas Mall, Fayetteville, Ark.: Zales Jewelers, 1,500 sq. ft.
The Oaks, Thousand Oaks, Calif.: Apple Computer, 4,800 sq. ft.; Ben Bridge Jewelers, expanding to 2,414 sq. ft.; Coldwater Creek, 4,918 sq. ft.; Dell Direct Store, kiosk; J. Jill, 3,218 sq. ft.; Jay’s Luggage & Gifts, 2,844 sq. ft.; Sigrid Olsen, 1,886 sq. ft.; Solstice, 1,256 sq. ft.; and Torrid – Plus Sizes, 2,676 sq. ft.
Pacific View, Ventura, Calif.: No Fear, 2,342 sq. ft.
Panorama Mall, Panorama City, Calif.: Auntie Anne’s, 300 sq. ft.; Piercing Pagoda, kiosk;
and Rocket Queen, 682 sq. ft.
Paradise Valley Mall, Phoenix, Ariz.: Aldo, 2,455 sq. ft., and Music Box & Clock Shop, 1,457 sq. ft.
Queens (N.Y.) Center: A/X Armani Exchange, 3,650 sq. ft., Amuse, 1,539 sq. ft.; Geox, 1,137 sq. ft.; and Qdoba Mexican Grill, 805 sq. ft.
Redmond (Wash.) Town Center: Journeys, 1,651 sq. ft., and Cartridge World, 1,400 sq. ft., in Creekside Crossing section.
Ridgmar Mall, Fort Worth, Texas: Which Wich Superior Sandwich, 857 sq. ft.
Rimrock Mall, Billings, Mont: Journeys, 1,870 sq. ft.
Rotterdam Square Mall, Schenectady, NY: Nextel, 200 sq. ft.
Rushmore Mall, Rapid City, S.D.: Select Comfort, 1,500 sq. ft.
The Centre at Salisbury, Salisbury, Md.: Art Nails, 700 sq. ft.
San Tan Village, Gilbert, Ariz.: EB Games, 1,195 sq. ft.; Imagine Orthodontics, 2,659 sq. ft.; and Kirkland’s, 7,795 sq. ft.
Scottsdale 101, Phoenix, Ariz.: Ippei, 4,946 sq. ft.
Scottsdale (Ariz.) Fashion Square: Flip Flop Shops, 938 sq. ft.; For Love 21, 2,083 sq. ft.; Gucci, 4,877 sq. ft.; Lucy, 2,563 sq. ft.; P.B. Loco, 1,001 sq. ft.; Tourneau, 1,499 sq. ft.; and Yard House, 11,223 sq. ft.
Scottsdale Office Fashion Building: Hogan & Associates, 13,235 sq. ft.
Shoppingtown Mall: T-Mobile, 210 sq. ft.
South Plains Mall: Hat Club, 764 sq. ft.
South Towne Center, Sandy, Utah: Aeropostale, 3,000 sq. ft.; Forever Young and Forever Young Shoes, 5,164 sq. ft.; and Torrid – Plus Sizes, 2,399 sq. ft.
Southern Hills Mall, Sioux City, Iowa: Deb Shop, 7,175 sq. ft.; Claire’s Boutique, relocating to 1,208 sq. ft.; and The Icing, relocating to 733 sq. ft.
Stonewood Center, Downey, Calif: Cingular Wireless, kiosk, and D.E.M.O., 3,083 sq. ft.
Superstition Springs Center, Mesa, Ariz.: Dippin Dots, 556 sq. ft., and Lady Foot Locker, relocating to 2,904 sq. ft.
Towne Mall, Elizabethtown, Ky.: All Wireless, kiosk
Twenty Ninth Street, Boulder, Colo.: Ann Taylor Loft, 6,126 sq. ft.; Venetian Nails and Spa, 1,937 sq. ft.; and Verizon Wireless, 3,038 sq. ft.
Valley View Center, Dallas, Texas: Athletics Inc., 60,800 sq. ft.; Steve & Barry’s, 41,457 sq. ft.; Benzar’s Jewelry, kiosk; C & C Market Research, 762 sq. ft.; Great American Cookie Company, 697 sq. ft.; New China Texas Super Buffet, 9,718 sq. ft.; Perfect Diamonds, 1,242 sq. ft; U.S. Armed Forces Recruitment Center, 6,704 sq. ft.; and Zales Jewelers, 1,358 sq. ft.
The Mall of Victor Valley, Victorville, Calif.: Kevin Jewelers, 1,458 sq. ft., Things Remembered Personalized Gifts, 1,473 sq. ft., and Wetzel’s Pretzels, 686 sq. ft.
Village Plaza, Phoenix, Ariz.: I Sold It On E-Bay, 1,518 sq. ft.
Vintage Faire Mall, Modesto, Calif.: Dell Direct Store, kiosk, and Kay Jewelers, 1,201 sq. ft.
Washington Square, Portland Ore.: Bebe, 3,495 sq. ft.; The Cheesecake Factory, 10,073 sq. ft.; The Duck Shop, 1,209 sq. ft.; Janeville, 2,829 sq. ft.; Janie & Jack, 1,201 sq. ft.; Kassab Jewelers, 907 sq. ft.; Metro Park, 2,928 sq. ft.; Naartjie, 1,646 sq. ft.; Pottery Barn Kids, 6,234 sq. ft.; Smart Wireless, 624 sq. ft.; Sports Dreams, 790 sq. ft.; Verizon Wireless, kiosk; and Williams-Sonoma, 5,006 sq. ft.
Westside Pavilion, Los Angeles, Calif.: Cingular Wireless, kiosk; Lisa’s Beauty Supply, 2,021 sq. ft.; Shiekh Shoes, 2,576 sq. ft.; and Victoria’s Secret, relocating to 9,921 sq. ft.
The Macerich Company, headquartered in Santa Monica, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. The Company is the sole general partner and owns an 81% ownership interest in The Macerich Partnership, L.P. Macerich now owns interests in properties totaling approximately 79 million square feet consisting primarily of interests in 75 regional malls. Additional information about The Macerich Company can be obtained from the Company’s website at www.macerich.com.
Media contacts: At Macerich, Susan Valentine, Senior V.P. (310) 394-6000; at Parness & Associates Public Relations, Bill Parness or Lisa Kreda (732) 290-0121, parnespr@optonline.net.
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