Annapolis Mall Acquired by Macerich | Real Estate Services M&A Deal

Macerich has completed the acquisition of Annapolis Mall, a property management business in Maryland, for $272 million. Macerich acquisitions add a Class A retail center of about 1.5 million square feet in Annapolis, supporting real estate services M&A focused on leasing, tenant mix management, and NOI growth. The Macerich property management acquisition includes a 13.1-acre vacant Sears parcel and excludes the Macy’s anchor, with a merchandising transformation plan and new store openings such as Dick’s House of Sport. This public company acquisition is structured as a divestiture acquisition and is expected to be accretive to Macerich’s 2028 FFO targets, with an estimated 9.2% initial yield and about $40 million of planned leasing capital.