Chesterfield Towne Center was built in 1975. (Photo courtesy of Chesterfield Towne Center)
A local mall has been used as collateral on a big line of credit.
Macerich, a California-based shopping center REIT, took out a $110 million loan from Royal Bank of Scotland using Chesterfield Towne Center as leverage.
Macerich paid off the initial $50 million loan it had on the 1.2 million-square-foot mall in 2010, a full 14 years early.
In a quarterly earnings call last month, Macerich chief executive Art Cappola said the company is using the money as part of a financing package to purchase three malls: Kings Plaza and Green Acres malls in New York and Flatiron Crossing in Colorado.
Chesterfield Towne Center was built in 1975. Macerich bought it in 1994 and has done major renovations, most recently in 2008. In July, BizSense reported that the mall had about a 14 percent vacancy rate.
This is the second big-money transaction in the local shopping center scene this year. In October, BizSense reported that White Oak Village off Laburnum Road in eastern Henrico had been sold by Forest City to Arizona-based Cole Real Estate for $68 million.
Messages left with the Macerich corporate office seeking comment on the deal were not returned by press time.
Chesterfield Towne Center was built in 1975. (Photo courtesy of Chesterfield Towne Center)
A local mall has been used as collateral on a big line of credit.
Macerich, a California-based shopping center REIT, took out a $110 million loan from Royal Bank of Scotland using Chesterfield Towne Center as leverage.
Macerich paid off the initial $50 million loan it had on the 1.2 million-square-foot mall in 2010, a full 14 years early.
In a quarterly earnings call last month, Macerich chief executive Art Cappola said the company is using the money as part of a financing package to purchase three malls: Kings Plaza and Green Acres malls in New York and Flatiron Crossing in Colorado.
Chesterfield Towne Center was built in 1975. Macerich bought it in 1994 and has done major renovations, most recently in 2008. In July, BizSense reported that the mall had about a 14 percent vacancy rate.
This is the second big-money transaction in the local shopping center scene this year. In October, BizSense reported that White Oak Village off Laburnum Road in eastern Henrico had been sold by Forest City to Arizona-based Cole Real Estate for $68 million.
Messages left with the Macerich corporate office seeking comment on the deal were not returned by press time.