Posted: Dec 20, 2012 9:39 PM by MTN News
BILLINGS - The Rimrock Mall in Billings is one of 17 properties now for sale by mall owner Macerich Corporation.
The Santa Monica, California based company is seeking to sell it's mid-scale malls, that are falling below the industry average when it comes to sales/per square foot.
The properties offered are considered B-grade malls that average annual sales per square foot of $320, less than the industry average of $375.
According to Reuters News Service, most of the Macerich Malls up for sale - are more than 90 percent leased.
In addition to the Rimrock Mall, the other Macerich properties for sale span the country.
They include malls in Utah, Virginia, Iowa, Indiana, Kentucky, Illinois, Washington State, Texas, two malls in California and two in New York.
A representative with the Macerich Corporation declined to comment on the properties for sale, but according to the Wall Street Journal, the company's listing of the malls has been a hot topic of conversation this week at the International Council of Shopping Centers convention in New York City.