Kristena Hansen / 91.5 KJZZ – Santa Monica, Calif.-based Macerich Co.’s 13-year reign as Arizona’s largest shopping mall owner might be coming to an end.
Macerich, a publicly traded real estate investment trust, or REIT, could be facing a takeover attempt by one of its biggest rivals, and some experts say it be bad news for retailers.
The California REIT’s portfolio of 59 shopping malls is mostly concentrated on the West Coast. In Arizona, it owns 15 malls including high-end assets such as Scottsdale Fashion Square, Kierland Commons and Biltmore Fashion Park.
Over the past several months, Macerich’s rival, Indianapolis-based Simon Property Group Inc., also a publicly-traded REIT, has decided it might want in on the action.
Simon approached Macerich with the idea of a buyout for the second time in several months, although no official offer was made, according to the Wall Street Journal and industry insiders.
Buyout rumors began around November after Simon disclosed it had scooped up a 3.6 percent stake in Macerich, which often signals that a takeover attempt is coming.