Macerich to Close Off-Market Mall Deal by 2026

The retail REIT plans to fund an unnamed mall acquisition with equity and expects it to close at year-end 2026.

Updated on Nov. 6, 2026 in Commercial

Macerich to Close Off-Market Mall Deal by 2026

Macerich expects to close an off-market mall acquisition by year-end 2026, with the deal under contract and subject to customary closing conditions. The company plans to fund the purchase entirely with equity drawn from unsettled forward equity.

Why it matters

The deal signals continued investment in retail real estate by a self-managed REIT that owns about 39 million square feet. Macerich has not yet named the property or disclosed its price, leaving the scale of the transaction unclear.

The company projects a stabilized yield of 9% to 11% and expects the deal to add to FFO per share in 2027 and 2028 while reducing leverage by more than 20 basis points. The target and price remain undisclosed, and the amount of the $372 million equity pool to be used has not been specified.

The players

Macerich

Macerich is a self-managed real estate investment trust that owns about 39 million square feet of retail property, primarily through interests in 37 retail centers across the United States.

Hsieh

Hsieh is the Macerich executive who announced the expected year-end 2026 closing of the off-market mall acquisition.

The details

Macerich, a self-managed real estate investment trust with interests in 37 retail centers, is pursuing the acquisition as roughly half of its pipeline is off-market opportunities. The company has not said which property it is buying or what it will pay for it.

May: Macerich acquired Annapolis Mall and an adjacent vacant Sears parcel for $272 million.
Nov. 4: Hsieh announced the expected year-end 2026 closing of the off-market acquisition.
Year-end 2026: Expected closing of the off-market mall acquisition.
2027: Expected FFO-per-share accretion from the acquisition.
2028: Expected continued FFO-per-share accretion from the acquisition.

Market Landscape

Macerich's pending deal follows its May purchase of Annapolis Mall and a Sears parcel for $272 million, continuing a pattern of mall acquisitions by the REIT. Roughly half of its acquisition pipeline is off-market, which the company is pursuing alongside on-market opportunities.

Shareholders of Macerich will see the deal affect future funds from operations, with accretion expected in 2027 and 2028 and leverage reduced by more than 20 basis points. The projected 9% to 11% yield is the company's own estimate and has not been independently verified.

The takeaway

Investors tracking Macerich should watch for the year-end 2026 closing and the eventual disclosure of the property and price. Until then, the projected yield and accretion figures remain the company's own forecasts.

What happens next

Macerich expects to close the off-market mall acquisition by year-end 2026, with the deal still under contract and subject to customary closing conditions.