$5M+ Deals – Macerich buys Glendale and Chandler Sears locations for $50M

By Philip Haldiman, Editor-in-Chief | Dealmaker

Macerich Co. has bought the Sears department stores at malls in Glendale and Chandler for nearly $50 million.

The deal included $26.94 million for the location at Chandler Fashion Center, which included an auto center and $22.98 million for the location at Arrowhead Towne Center.

It is part of a joint venture involving a number of Sears properties located at Macerich malls.

Macerich, which owns and operates many shopping malls in the western U.S., last week formed the venture with Sears paying $150 million for a 50 percent stake in nine Sears stores.

Sears Holdings has agreed to lease back the stores and continue to operate them, according to the joint venture.

Edward S. Lampert, Chairman and CEO of Sears Holdings said in a press release the retailer will continue to operate the nine stores with minimal impact on their day-to-day operations or the overall shopping experience for customers.

To view the affidavits, click here and here.

24.35 million sale of the Cabana on Thomas apartments on the southeast corner of E. Thomas Road and N. 16th Street (1645 E. Thomas Road) in Phoenix by Cabana Thomas Apartments LLLP.

The buyer was AMFP III Cabana on Thomas an entity of New York-based Abacus Capital Group LLC, a firm that acquires, redevelops, develops, manages and sells multifamily properties throughout the U.S., according to its website.

The apartments offer studio, one- and two-bedroom floorplans. Amenities include community pools, fitness center, laundry rooms, club room and charging stations for electric cars.

Business Real Estate Weekly reports the sale was brokered by Steve Gebing and Cliff David of Marcus & Millichap Real Estate Investment Services in Phoenix.

For more information on the sale, click here.

To view the affidavit, click here.

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