The Macerich Company
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Macerich ( ) is a
real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...
that invests in
shopping center A shopping center (American English) or shopping centre (Commonwealth English), also called a shopping complex, shopping arcade, shopping plaza or galleria, is a group of shops built together, sometimes under one roof. The first known collec ...
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 A portmanteau word, or portmanteau (, ) is a blend of words


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 a
public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...
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 investment ...
. In 2002, Macerich acquired
Phoenix, Arizona Phoenix ( ; nv, Hoozdo; es, Fénix or , yuf-x-wal, Banyà:nyuwá) 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 1 ...
-based
Westcor Westcor was a subsidiary of The Macerich Company and a large developer of shopping malls in the Southwestern region of the United States. It was founded in 1964 by entrepreneur Entrepreneurship is the creation or extraction of economic val ...
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 the Valley of the Sun, the Salt River Valley, or Metro Phoenix (known by most locals simply as “the Valley”) – is the largest metropolitan area in the Southwestern United States, centered on the city ...
. In 2005, the company acquired most of
Rochester, New York Rochester () is a City (New York), city in the U.S. state of New York (state), New York, the county seat, seat of Monroe County, New York, Monroe County, and the fourth-most populous in the state after New York City, Buffalo, New York, Buffalo, ...
-based
Wilmorite Properties Wilmorite Properties, Inc is a commercial real estate company based in Chili, New York, a suburb of Rochester, New York. A subsidiary of the company owes significant back taxes and fees to the City of Rochester resulting from a loan and tax ag ...
's portfolio for $2.333 billion, adding 11 shopping centers to Macerich's portfolio including
Tysons Corner Center Tysons Corner Center is a shopping mall in the unincorporated area of Tysons in Fairfax County, Virginia, United States (between McLean and Vienna, Virginia). It opened to the public in 1968, becoming one of the first fully enclosed, climate-contr ...
. 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.


Notable investments


See also

* Shopping property management firms


References


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 Meme stock