RALEIGH, N.C. — The Macerich Co. (NYSE: MAC) has acquired Crabtree Valley Mall, a Class A retail property totaling approximately 1.3 million square feet in Raleigh, for $290 million. The seller was an entity doing business as CVM Holdings LLC, according to local news outlet WRAL. The largest mall in North Carolina’s Research Triangle area, Crabtree opened in 1972 and is home to more than 200 stores and restaurants.
Anchor tenants at the property include Belk and Macy’s. Additional retailers include Apple, Banana Republic, Brahmin, Brooks Brothers, Build-A-Bear Workshop, Chubbies, Coach, H&M, The LEGO Store, Michael Kors, TAG Heuer and Tommy Bahama. Kanki Japanese House of Steaks & Sushi, P.F. Chang’s China Bistro, The Cheesecake Factory, Seasons 52, Brio Italian Grill and Fleming’s Prime Steakhouse & Wine Bar are some of the mall’s restaurant tenants.
According to Macerich, Crabtree generates $429 million in annual sales, $951 in sales per square foot and over 8.7 million annual visitors.
“Crabtree checks all the boxes for pursuing opportunistic external growth,” says Jack Hsieh, president and CEO of Macerich.
Over the course of 2025 through 2028, Macerich plans to invest roughly $60 million of redevelopment and leasing capital to maximize the center’s performance.
The Santa Monica, Calif.-based REIT funded the acquisition with cash on hand and $100 million of borrowings on its revolving line of credit. The company expects to repay borrowings on the revolving line of credit within 30 days with the proceeds from an expected $160 million two-year loan.
Hsieh adds that Crabtree’s “outstanding location” serves as an entry point to the Southeastern U.S. for Macerich. The company says that the Raleigh-Cary metro area stands as a powerhouse of growth, innovation, wealth and talent. The Research Triangle region is anchored by Research Triangle Park, the largest research park in North America that spans 7,000 acres and is home to more than 250 businesses, as well as three Tier 1 research universities — Duke University, University of North Carolina at Chapel Hill and North Carolina State University.
An owner, operator and developer of retail real estate, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale and the metro New York to Washington, D.C. corridor. Macerich currently owns 41 million square feet of real estate, consisting primarily of interests in 38 retail centers.
The company’s stock price opened at $16.35 per share Wednesday, June 25, up from $14.60 one year ago, a nearly 12 percent increase.
— Kristin Harlow