Neiman Marcus Finalizes Lease for New Walnut Creek, Calif. Store at Macerich's Broadway Plaza
05 August 2008 - 2:00AM
PR Newswire (US)
SANTA MONICA, Calif., Aug. 4 /PRNewswire-FirstCall/ -- Macerich(R)
(NYSE: MAC), one of the nation's largest owners, operators and
developers of regional shopping centers, today announced it has
finalized lease arrangements with Neiman Marcus for the luxury
retailer's planned new store at Broadway Plaza, the charming,
all-outdoor shopping center that has helped position downtown
Walnut Creek as a retail leader in Northern California's East Bay
area. The new, long-term lease solidifies Neiman Marcus as a major
new anchor at Broadway Plaza in a planned, 107,000-square-foot
building at Mount Diablo Boulevard and Main Street in Walnut Creek.
"The completion of this lease certainly demonstrates Neiman Marcus'
long-term vision for Walnut Creek," said Randy Brant, executive
vice president, real estate, for Macerich. The world-renowned
retailer is slated to open in late 2010 or 2011, joining popular
anchors Nordstrom, which recently announced an expansion of its
store; Macy's; and a wide range of specialty shops and restaurants
at Broadway Plaza. "We believe the Neiman Marcus customer is
already shopping in Walnut Creek and at Broadway Plaza," said Wayne
Hussey, senior vice president, real estate, for Neiman Marcus.
"This market and the unique setting we've found in Broadway Plaza
come together as a great match for Neiman Marcus, and we hope we'll
add to what is a very vibrant retail district." The new store at
Broadway Plaza will be the fourth Neiman Marcus at Macerich
properties, in addition to locations at NorthPark Center in Dallas;
Ridgmar Mall in Fort Worth, Texas; and Scottsdale Fashion Square in
Scottsdale, Ariz. "This newest store in the Macerich portfolio
continues to solidify our reputation for locating Neiman Marcus at
strong and growing retail properties that appeal to our target
customer," Hussey said. The Neiman Marcus Group operations include
the Specialty Retail Stores division and the Direct Marketing
division. The Specialty Retail Stores division consists primarily
of Neiman Marcus and Bergdorf Goodman stores. These renowned
retailers offer upscale assortments of apparel, accessories,
jewelry, beauty and decorative home products to the affluent
consumer. Broadway Plaza is owned in partnership with Northwestern
Mutual Life. The Northwestern Mutual Life Insurance Company,
Milwaukee, WI, a FORTUNE 500 company with over $1 trillion of life
insurance protection in force, has been helping its policyowners
and clients achieve financial security for more than 150 years. The
company maintains the highest available ratings for insurance
financial strength from all four major rating agencies: Standard
& Poor's, Fitch Ratings, A. M. Best and Moody's. Macerich is a
fully integrated self-managed and self-administered real estate
investment trust, which focuses on the acquisition, leasing,
management, development and redevelopment of regional malls
throughout the United States. The company is the sole general
partner and owns an 86% ownership interest in The Macerich
Partnership, L.P. Macerich now owns approximately 77 million square
feet of gross leaseable area consisting primarily of interests in
72 regional malls. Additional information about Macerich can be
obtained from the Company's Web site at http://www.macerich.com/.
Note: This release contains statements that constitute
forward-looking statements. Stockholders are cautioned that any
such forward-looking statements are not guarantees of future
performance and involve risks, uncertainties and other factors that
may cause actual results, performance or achievements of the
Company to vary materially from those anticipated, expected or
projected. Such factors include, among others, general industry,
economic and business conditions, which will, among other things,
affect demand for retail space or retail goods, availability and
creditworthiness of current and prospective tenants, anchor or
tenant bankruptcies, closures, mergers or consolidations, lease
rates and terms, interest rate fluctuations, availability and cost
of financing and operating expenses; adverse changes in the real
estate markets including, among other things, competition from
other companies, retail formats and technology, risks of real
estate development and redevelopment, acquisitions and
dispositions; governmental actions and initiatives (including
legislative and regulatory changes); environmental and safety
requirements; and terrorist activities which could adversely affect
all of the above factors. The reader is directed to the Company's
various filings with the Securities and Exchange Commission,
including the Annual Report on Form 10-K for the year ended
December 31, 2006, for a discussion of such risks and uncertainties
which discussion is incorporated by reference. DATASOURCE: Macerich
CONTACT: Anita Walker of Macerich, +1-602-953-6550 Web site:
http://www.macerich.com/
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