Macerich JV Partnership Acquires Full Ownership of Kierland Commons

Macerich® MAC and joint venture partner Institutional Mall Investors, LLC today announced the acquisition of full ownership of Arizona's Kierland Commons from its developers, Dallas-based Woodbine Development Corporation and the Herberger Interests of Phoenix/Scottsdale. To recap the history of this transaction, in January 2005, Macerich formed a 50/50 joint venture with IMI to acquire a 49% interest in Kierland Commons from Woodbine Development Corporation and the Herberger Interests, giving Macerich and IMI each a 24.5% interest in the asset. Today's announcement gives the joint venture full ownership in Kierland Commons, 50% to Macerich and 50% to IMI. Macerich will continue to manage and lease the retail component as it has since 2005. In acquiring 50% ownership of the property, Macerich's share of the purchase price included $34.2 million of cash, in addition to assuming a pro rata share of debt of $18.6 million.