Macerich Plans to Buy Mall by Year-End 2026
Investors and nearby residents should watch for the unnamed property's identity as Macerich funds the off-market deal entirely with equity.
Updated on Nov. 6, 2026 in Commercial
Macerich expects to close an off-market mall acquisition by year-end 2026, with the deal still under contract and subject to customary closing conditions. The company plans to fund the purchase entirely with equity drawn from $372 million in unsettled forward equity, and has not identified the property or disclosed its price.
Why it matters
For commercial real estate investors and anyone tracking retail property values, the deal signals that Macerich is still buying malls even as its earlier Annapolis purchase closed in May. The expected 9% to 11% stabilized yield suggests the company sees continued value in well-located enclosed malls rather than in shedding them.
Macerich has not named the property or disclosed its price, and it has not said how much of the $372 million forward equity pool will go to the deal. The company projects a stabilized yield of 9% to 11% and expects the purchase to add to FFO per share in 2027 and 2028 while cutting leverage by more than 20 basis points.
The players
Macerich
A self-managed real estate investment trust owning about 39 million square feet, primarily through interests in 37 retail centers, and the buyer in the pending deal.
Hsieh
Macerich chief executive who announced the expected year-end 2026 closing of the off-market mall acquisition.
The details
Macerich will pay for the purchase entirely with equity, drawing on part of a $372 million forward equity arrangement that has not yet settled. The deal is off-market, meaning it was negotiated directly rather than offered through a public listing, and it remains under contract pending customary closing conditions. Macerich describes itself as a self-managed real estate investment trust, and about half of its acquisition pipeline comes from off-market opportunities like this one.
Timeline
May: Macerich acquired Annapolis Mall and an adjacent vacant Sears parcel for $272 million.
Nov. 4: Chief Executive Hsieh announced the expected year-end 2026 closing of the off-market acquisition.
Year-end 2026: The off-market mall acquisition is expected to close, about 55 days after the current date.
2027: The acquisition is expected to begin adding to FFO per share.
2028: The acquisition is expected to continue adding to FFO per share.
The Home Front
Macerich's pattern of buying malls, following its May Annapolis Mall purchase for $272 million, shows continued investor appetite for enclosed retail property. The deal's projected 9% to 11% yield places it within the range the company expects from income-producing commercial real estate.
If you rent a unit in a mall or own a retail business near a Macerich property, watch for leasing and redevelopment news as the new acquisition closes. Homeowners near a mall can check local planning filings for any redevelopment plans tied to the property.
The takeaway
Mall ownership is still changing hands, and buyers are paying for stabilized income, not just location. Anyone watching nearby retail should check local redevelopment filings and the Macerich investor announcements for the property's identity once it is disclosed.
What happens next
Macerich expects the off-market acquisition to close by year-end 2026, a date that falls about 55 days after the current date, so the deal's status should become clearer as that deadline approaches.
Further reading
Track more deals in the Commercial real estate section for context on how shopping centers and mall acquisitions are changing hands across the country.
Source note: This article includes information reported by TokenPost.
