TRD Staff

AvalonBay Picks Up $620M in Texas Multifamily

Texas

AvalonBay doubles TX multifamily assets with $620M deal

Rich Bockmann

New York

UDR takes loss on $128M Williamsburg sale

Elizabeth Cryan

Macklowe sues bank to stop “devastating capital gains tax”

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REIT

Curbline buys slice of new shopping center outside Phoenix for $32M

Kate Hinsche

Lennar Plans $5B Spin-Off of Millrose Properties

Lennar plans $5B land banking REIT spin-off

Suzannah Cavanaugh

Fitch Cuts Blackstone Mortgage Outlook to Negative, Citing Office Trouble

Fitch cuts Blackstone Mortgage outlook to negative over office exposure

Isabella Farr

Mall Owner Macerich Posts 3,600% Profit Jump in Q4

Macerich reports 3,600% profit jump in Q4 while “running out of anchor space”

Macerich, the third-largest mall owner in the country, is getting a new CEO and president, all wrapped up in one. The Santa Monica-based company has tapped Jackson Hsieh as its new CEO and president, effective Feb. 29, according to an SEC filing on Monday. Hsieh was most recently the CEO of Spirit Realty Capital, until its $9.3 billion merger with Realty Income last month. Macerich CEO Thomas O’Hern and its president and co-founder, Edward Coppola, will both retire at the end of February. Both will continue to serve on the company’s board. O’Hern had served as the company’s CEO since 2018. Before that, he was Macerich’s chief financial officer for 25 years. Coppola, who helped found Macerich in the 1970s, assumed the role of president in 2008. Hsieh had served as CEO of Spirit Realty since 2017 and previously worked as an investment banker at Morgan Stanley. As Macerich’s CEO, his base salary will be $1 million a year, with the potential to earn 150 percent of his annual base salary as equity or cash bonuses. He will also receive a $5 million sign-on equity bonus, which will vest over time. Many mall owners have struggled with maturing loans over the last few years, given rising interest rates and inflation hurting consumer pockets. A number of retailers — Bed Bath & Beyond, David’s Bridal and Tuesday Morning — have filed for bankruptcy or liquidated over the last year. Macerich has managed to modify or extend a number of its loans, according to SEC filings, including a $300 million debt package on Santa Monica Place, a 527,000-square-foot shopping center that lost two anchor tenants during the pandemic. The company owns 45 malls in 13 states, according to its website.

Macerich taps former Spirit Realty chief Jackson Hsieh as new boss

How real estate investors have changed senior housing

What happens when real estate investors take over senior housing

Kilroy Realty names REIT veteran Angela Aman as new CEO

Brandon Sams

Silver Star Properties Elevates Gerald Haddock to Co-CEO

Silver Star appoints executive chairman Gerald Haddock to co-CEO

Who is Former Silver Star Properties CEO Allen Hartman?

Meet Silver Star Properties’ ousted chairman and CEO Allen Hartman

Former CEO Accused of More Misdeeds by Silver Star Properties Board

Silver Star shoots more accusations at former CEO Allen Hartman

Prologis CEO Hamid Moghadam Champions Embrace of AI

Prologis CEO Hamid Moghadam champions embrace of AI

W.P. Carey Offloading 11 Texas Office Properties in REIT Spinoff

W.P. Carey offloading 11 Texas office properties in REIT spinoff

NexPoint Residential Offloading Multifamily Holdings in Houston, Dallas

NexPoint offloading multifamily holdings in Houston and Dallas 

Silver Star Properties' new CEO Steve Treadwell (Getty, LinkedIn, SpareBox)

Silver Star hires CEO in self-storage push

From left: Ashford Hospitality Trust's Monty Bennett and Rob Hays (Photo Illustration by Steven Dilakian for The Real Deal with Getty, Ashford Hospitality Trust)

Ashford REIT to give 19 hotels back to lenders

From left: Rob Speyer, Steve Roth (top), Jeff Gural (bottom), and Aby Rosen (Getty, Ken OHYAMA from FUNABASHI, Japan, CC BY-SA 2.0 - via Wikimedia Commons)

Building owners cough up cash to buy more time on mortgages

Silverstar's David Wheeler with the Westheimer Center Plaza