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Macerich Moves Quickly to Plug Mervyn's Holes

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The Macerich Co. has worked quickly to quell the effect of the Mervyn's liquidation. According to the company, they've filled 22 of 41 Macerich-owned Mervyns sites acquired in December 2007 and the first quarter 2008 with Kohl's and Forever 21 stores, pending approval by the court overseeing Mervyns bankruptcy proceedings. Forever 21 will be taking 12 of the spaces and Kohl's will be taking 10. It appears Macerich will gain control of the 19 remaining locations by February, opening the door for it re-lease those sites as well.

Overall, there were 46 sites up for the auction earlier this week. Kohl's got 31 of the locations and Forever 21 got 15.

According to the company:

Forever 21 and Kohl's prevailed in the auction of Mervyns leaseholds held Dec. 10, a preliminary step leading to final court approval of new lessees for Macerich-owned Mervyns sites, which is expected within the month. Of the 22 locations, eight are in Macerich-owned shopping centers.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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