In the epilogue to the $2.3 billion deal in which Macerich Co. bought 11 regional malls in the Northeast from Wilmorite Inc., Macerich added five Wilmorite senior executives to help run those properties.
Bill Cappelletti, Wilmorite's director of development, and Michael Nevins, vice president and regional director of leasing, are now Macerich vice presidents of leasing. Doug Healey, former Wilmorite, senior vice president and director of leasing, is now Macerich's senior vice president, leasing. Doug Morrow, vice president and director of construction for Wilmorite, joined Macerich as vice president, real estate. Lastly, Jim Romanowski, former corporate director of marketing for Wilmorite, is Macerich's Eastern vice president of marketing.
“When we look at an acquisition of a company or properties, we not only see great real estate, but also the opportunity to acquire great people,” says David Contis, Macerich executive vice president and chief operating officer. “We're delighted that they all accepted our offers. We're now situated to execute development and redevelopment plans that had been at place for the Wilmorite properties.”
Macerich is close to completing an expansion at Tysons Corner Center, which it acquired in the Wilmorite deal. It also is exploring opportunities at Danbury Fair Mall, Conn., and Freehold Raceway Mall, N.J.
Wilmorite is soldiering on, at a much smaller size. CEO John Anderson left the firm and started a new company, Northern Capital Group Inc. Thomas Wilmot Jr., president of the board of directors, and members of his family remain. The company now retains management responsibilities for four of the properties sold to Macerich near Rochester, N.Y. Dennis Wilmot, vice president and regional director of leasing, says the company is looking for opportunities in New England and the Mid-Atlantic. It also is biding its time until 2007, when it will have the option to reacquire the Rochester malls.