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The Macerich Company ( ) is a
The Macerich Company ( ) is a real estate investment trust
A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...
that invests in shopping center
A shopping center in American English, shopping centre in English in the Commonwealth of Nations, Commonwealth English (see American and British English spelling differences#-re, -er, spelling differences), shopping complex, shopping arcade, ...
s. It is the third-largest owner and operator of shopping centers in the United States. As of December 31, 2020, the company owned interests in 52 properties comprising 50 million square feet of leasable area. The company name is a portmanteau
In linguistics, a blend—also known as a blend word, lexical blend, or portmanteau—is a word formed by combining the meanings, and parts of the sounds, of two or more words together.
of its founders, Mace Siegel and Richard Cohen.
History
The company traces its antecedents to the MaceRich Real Estate Company founded in New York in 1964 by ''Mace Siegel'' and ''Richard Cohen'' who combined their first names to name their company. In 1994, the company became apublic company
A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...
via an initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...
.
In 2002, Macerich acquired Phoenix, Arizona
Phoenix ( ) is the List of capitals in the United States, capital and List of cities and towns in Arizona#List of cities and towns, most populous city of the U.S. state of Arizona. With over 1.6 million residents at the 2020 census, it is the ...
-based Westcor for $1.475 billion. The purchase added 9 properties to Macerich's portfolio making them the largest mall owner in the Phoenix Metropolitan Area
The Phoenix metropolitan area, also known as the Valley of the Sun, the Salt River Valley, metro Phoenix, or The Valley, is the largest metropolitan statistical area in the Southwestern United States, with its largest principal city being the c ...
.
In 2005, the company acquired most of Rochester, New York
Rochester is a city in and the county seat, seat of government of Monroe County, New York, United States. It is the List of municipalities in New York, fourth-most populous city and 10th most-populated municipality in New York, with a populati ...
-based Wilmorite Properties' portfolio for $2.333 billion, adding 11 shopping centers to Macerich's portfolio, including Tysons Corner Center in Tysons, Virginia.
In 2006, the company name was rebranded to "Macerich."
On April 1, 2015, the company rejected a $16.8 billion takeover offer from Simon Property Group
Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indian ...
, claiming that the offer undervalued the company. Simon withdrew the offer.
In November 2024, the company acquired 40% Stake in Pacific Premier Retail trust.
Notable investments
See also
* Shopping property management firmsReferences
External links
* * {{Authority control Companies listed on the New York Stock Exchange Shopping center management firms Companies based in Santa Monica, California Real estate investment trusts of the United States Real estate companies established in 1964 American companies established in 1964 1964 establishments in New York (state) 1994 initial public offerings