Valuation & Advisory Retail Group Appraises 3 MSF in Mall Refinancing
01 THE OPPORTUNITY
Two Valuation & Advisory (V&A) Retail Practice Group teams appraised three properties owned by the mall REIT Macerich, totaling nearly 3 million square feet (msf).
02 The Solution
New York’s Rick Latella, MAI, FRICS, V&A Retail Practice Group Lead; Portland’s Brian Booth, MAI; and Stamford’s Vincent Maniscalco, MAI provided appraisals to assist in the underwriting for future CMBS transactions.
03 The Results
Loan proceeds totaled approximately $1.4B. The transactions included:
Green Acres Mall and the adjacent strip Green Acres Commons. Located in Valley Stream, NY, the center is one of the largest in the New York MSA.
Santa Monica Place, an outdoor shopping mall in Santa Monica, CA. It is located at the south end of the Third Street Promenade shopping district which is two blocks from the beach and the iconic Santa Monica Pier.
Macerich’s flagship upscale mall, Scottsdale Fashion Square in Scottsdale, AZ. At 2.15 msf, it is one of the largest and most productive malls in the country.