Macerich sells stake in FlatIron mall

BROOMFIELD – The Macerich Co. (NYSE:MAC) has sold a majority of its ownership stake in the FlatIron Crossing mall in Broomfield.

Menlo Park, Calif. based GI Partners will gain 75 percent ownership of the 1.4 million million-square-foot mall, anchored by Nordstrom, Macy’s, Dick’s Sporting Goods and Dillard’s, in exchange for $116 million in cash.

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The Macerich Partnership LP will continue to manage the property with GI Partners as its partner. The mall was built in 2000 and acquired by Macerich in 2002.

“FlatIron Crossing is an opportunity to not only create a strategic partnership, but also secure an ownership position in an asset with significant fundamental value and upside potential,” GI Partners Executive Managing Director Rick Magnuson said in a press release.  “As a private investor with a track record of success in the real estate sector, we look forward to contributing our perspective and closely working with Macerich to fully realize the value of this unique property.”

The transaction is being completed through GI Partners Fund III LP, which has secured $2 billion of capital commitments from leading institutional private equity and real estate investors.