The value of Macerich’s Santa Monica Place has dropped to $255M, a 34.6% decrease compared to the $390M the property was valued at in October 2022, according to Morningstar.

The mall’s value also represents a 59% drop from 2017, when a $300M CMBS loan for the property was issued. At the time, the property was valued at $622M.

Early last year, Macerich told investors it had secured an extension on the loan that pushed its maturity date to December 2025. At the time, it had a balance of $296.5M with an effective interest rate of 6.19%, Bisnow previously reported.

The loan had moved to special servicing in 2023, before the extension, but returned in April 2024. Macerich defaulted on the $300M loan on the property in the first quarter of this year.

Macerich told investors on an earnings call this month that it was in the process of selling Santa Monica Place, but executives didn't disclose a buyer or a projected closing date for the transaction. Macerich didn't respond to a request for comment from Bisnow.

The mall’s main anchors, Bloomingdale's and an ArcLight Theatre, vacated in 2021, leaving more than 100K SF vacant.