Santa Monica-based Macerich Company Acquires 40% Stake in Pacific Premier Retail Trust

Santa Monica-based Macerich Company acquired a 40% stake in Pacific Premier Retail Trust for $122 million on October 24. The acquisition implied a weighted average cap rate of 7.4%. It was funded by proceeds raised from sales of common stock. Pacific Premier Retail Trust owns several shopping centers in Southern California, including Fortress asset Los Cerritos Center, Fortress Potential asset Washington Square and Lakewood Center.

Those transactions followed acquisitions made earlier this year for interests in Arrowhead Towne Center and South Plains Mall, with Arrowhead priced at a 7.2% cap rate.

The company noted in its third-quarter earnings statement that these acquisitions were consistent with the strategic objectives of opportunistic consolidation of portfolio ownership.