Macerich Acquires Crabtree Valley Mall In Raleigh For $290M From CVM Holdings LLC

The property asset involved in this transaction is Crabtree Valley Mall, located at 4325 Glenwood Avenue, Raleigh, NC. The retail asset spans 1,350,000 square feet and was sold for a total transaction amount of $290,000,000, resulting in a price per square foot of $215.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $290,000,000
• Buyer: Macerich
• Seller: CVM Holdings LLC
• Broker: Eastdil Secured
• Total Square Footage: 1,350,000
• Price Per Square Foot: $215
• Market: Raleigh, NC
• Financing: $100M loan and cash
• Renovation Investment: $60M
• Occupancy Rate: 94%, increased from 87%

The transaction involved Macerich as the buyer, which is planning to execute a $60 million renovation on the property. The deal was represented by Eastdil Secured, facilitating the negotiation and transfer between seller CVM Holdings LLC and buyer Macerich.