Macerich to Buy 11 Retail Sites

Macerich Co., a Santa Monica-based real estate investment trust that owns stakes in 76 U.S. shopping malls, said Wednesday that it agreed to purchase 11 department store buildings in California, Arizona and Connecticut from Federated Department Stores Inc.

Among them are six store sites in Southern California, including Robinsons-May at Santa Monica Place.

Cincinnati-based Federated is selling stores it decided to close after acquiring May Department Stores Co. for $11 billion last year.

“Acquiring these stores will speed redevelopment at a number of our key centers,” Macerich Chief Executive Arthur Coppola said in a statement.

The properties may be reused by other big retailers such as Nordstrom Inc. or be converted to outdoor shops and restaurants, Coppola said. Some may be converted to mixed-use development, which often includes apartments or condominiums.

The sale probably will be completed in July, Macerich said. The purchase price was not disclosed.

In addition to the Santa Monica store, Macerich expects to take title to Macy’s at California Inland Center in San Bernardino; Macy’s at Lakewood Center in Lakewood; Robinsons-May at Los Cerritos Center in Cerritos; Robinsons-May at Pacific View Mall in Ventura; and Robinsons-May men’s and Macy’s women’s stores at the Oaks in Thousand Oaks.

Other mall owners, including Simon Property Group Inc. and Westfield Group, have also announced plans to take advantage of department store industry mergers by turning poor-performing locations over to other retailers or remaking the sites.

Shares of Macerich fell 22 cents Wednesday to $71.59.

Bloomberg News was used in compiling this report.