Locally-based shopping mall behemoth Macerich Co. has defaulted on the $300 million mortgage loan it has for the Santa Monica Place, ultimately returning it to the lender and bidding farewell to the iconic shopping mall it has owned since 1999.

“It was pretty clear that Santa Monica has continuing issues and it is under water,” Scott Kingsmore, Macerich’s chief financial officer and treasurer told WWD. According to that publication, the broker valuation for Santa Monica Place is in the region of $264.5 million. “Ultimately, trying to figure out the end game was just too obscure,” Kingsmore said.

Read More: https://smdp.com/2024/06/13/macerich-to-return-santa-monica-place-mall-to-lenders-adding-to-city-exodus/