Macerich to Renovate Huntington Mall

Santa Monica-based regional mall operator Macerich Co. said it has purchased and will renovate Huntington Center in Huntington Beach, one of the first covered malls in California. The retail real estate investment trust plans to tear down what had been the Broadway store and build a 20-screen theater, more restaurants and specialty shops. So far no new tenants have been lined up, but the company said it is in negotiations with several theater operators. As part of the rehabilitation, Macerich will probably move the adjacent Circuit City store to a larger site within the mall. Macerich executives say they will submit plans for the redevelopment in the first quarter of 1997. The center is 80% occupied, but its small inside shop space is 40% vacant. Macerich also acquired Fresno Fashion Fair in Fresno and Buenaventura Plaza in Ventura. The three acquisitions totaled about $125.1 million in cash and debt. Macerich’s shares gained 50 cents to close at $24.50 on the NYSE.