REAL ESTATE
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Macerich Buys Dallas Mall: Santa Monica-based Macerich Co. has purchased the Valley View Center shopping mall in Dallas for $85.5 million in cash and debt. The seller wasn’t identified. The 1.57-million-square-foot mall, anchored by Sears, Dillards, Foley’s and J.C. Penney, is the largest in the Dallas/Fort Worth area. Valley View Center generates annual sales of more than $230 million. Macerich financed the purchase with a 10-year, $60-million mortgage, $14.5 million of newly issued debt and $11 million in cash. Macerich owns or has a stake in 18 malls and three shopping centers containing 14.8 million square feet of space.
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