SANTA MONICA, Calif., June 26 /PRNewswire-FirstCall/ -- The Macerich
Company (NYSE: MAC) today announced that it has finalized an agreement with
private real estate development company Brooks Shopping Center, LLC to
manage, lease and redevelop Cross County Shopping Center in Yonkers, N.Y.
"Being selected to manage Cross County Shopping Center is an honor and
we look forward to working with Brooks Shopping Center and the City of
Yonkers to maximize the center's best assets and strengthen the current
retail mix," said David J. Contis, Executive Vice President and Chief
Operating Officer of The Macerich Company. "We are excited by the
opportunity to be involved in a center that not only occupies a place of
importance in the retail industry, but also within the greater New York
community."
Under terms of the agreement, The Macerich Company will lease and
manage the day-to-day operations of the landmark shopping center. In
addition the company will lead an extensive renovation and redevelopment of
the center.
The Macerich Company is widely recognized for its industry leadership
in the renovation and redevelopment of retail destinations, including the
dramatic transformation of Queens Center in Queens, N.Y. from a town center
to a regional retail draw that is among the top-performing retail centers
in the nation. The company owns and operates 8 regional shopping centers in
the state of New York, including Queens Center.
"The Macerich Company has redeveloped some of the country's premier
retail properties, and they have a unique understanding of the New York
market," said the owner's representative, James Stifel, Chief Investment
Officer for Benenson Capital Partners, LLC. "We are very pleased to add The
Macerich Company to the Cross County Shopping Center team."
Built in 1954, Cross County Shopping Center is one of the country's
original open-air shopping centers and, at 1,020,973 square feet, continues
to be one of the largest open-air retail venues in operation with current
total sales per square foot in excess of $525. Located at the intersection
of Cross County Parkway and I-87, the center is anchored by Macy's, Sears,
Old Navy and a theater, and features 90 national and local retailers as
well as an eight- story office building.
Plans to renovate and redevelop the center, which will add
approximately 245,375 square feet of new retail space, are currently in the
planning and entitlement process.
The Macerich Company 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 84% ownership interest in The Macerich Partnership, L.P.
Macerich owns approximately 80 million square feet of gross leaseable area
consisting primarily of interests in 76 regional malls. Additional
information about The Macerich Company can be obtained from the Company's
web site at http://www.macerich.com.
Cross County Shopping Center was developed in the 1950s by Sol Atlas
and subsequently acquired by Brooks Shopping Centers LLC, whose beneficial
owner is Dollar Land Syndicate. The group's majority partners include
Benenson Capital Partners, LLC, the New York-based firm dating back to 1905
whose holdings include over 200 properties throughout the U.S., Canada and
Europe; the estate of Leonard Marx, Sr., the founder of prominent national
property owner Marx Realty Co.; and Merchant's National Properties, Inc., a
company acquired by Marx after The Great Depression.
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