Macerich Co. has removed Rotterdam Square from the auction block, but the company’s plans for Schenectady County’s only indoor shopping mall are unclear.
Thomas Dobrowski, managing director of Rockwood Real Estate Advisors, acknowledged the online auction that was pending for this week has been canceled. But he declined to discuss the reasons why it was removed or any other details about the mall’s future.
“Sorry, I am not able to comment further,” he said in an email Monday.
Macerich provided little insight into its plans for the mall or the reasoning behind placing it up for auction. Karen Maurer, a spokeswoman for the Santa Monica, Calif., company declined to comment.
“Unfortunately we do not comment on market speculation, or our strategies or future plans on acquisitions or dispositions,” she said.
Rotterdam Square comprises 463,987 square feet of retail space and about 70 acres of land. The sprawling structure off Campbell Road includes a food court, restaurant, movie theater, three anchor stores and more than 50 retailers.
Built in 1988, the mall’s three anchor stores are Macy’s, Kmart and Sears. Sears recently renewed its lease for five years ending in 2018. Macy’s owns its 120,000-square-foot store and the seven acres of land on which it sits.
Other major tenants include Gap, TJ Maxx, Shoe Department Encore, American Eagle Outfitters and Victoria’s Secret. The mall also has a long-term lease with Rotterdam Square Cinema, the seven-screen theater that completed $500,000 worth of renovations in 2010.
Conrad Zurich, the theater’s owner, said he was unaware the mall was slated for auction or that the auction had been canceled.
“I really can’t say anything about it because I really don’t know anything,” he said.
Macerich bought Rotterdam Square eight years ago in a $2.3 billion acquisition of its Rochester-based parent company, Wilmorite Inc. The buyout came with 11 regional malls, including Wilton Mall outside Saratoga Springs, and two open-air shopping centers.
As a company, Macerich has experienced some recent highs and lows. In September, the company conveyed Fiesta Mall, a 933,000-square-foot regional shopping center in Mesa, Ariz., to its lending institution by a deed-in-lieu of foreclosure, according to its quarterly statement released this fall. But in the past week, the company’s stock has been rising steadily.
But while Macerich has fared well lately, the company owning two of the mall’s anchor stores has run into trouble. Sears Holdings, which also owns Kmart, has posted six consecutive years of declining revenues and has recently been selling off assets.