The Macerich Company MAC recently announced that Tysons Corner Center has grabbed the 2015 Award of Excellence for “Best Building Mixed-Use Project” from the Northern Virginia Chapter of NAIOP, the association of owners, developers and investors in commercial real estate.
In fact, with the latest honor, the first phase of the mixed-use expansion at Tysons Corner Center received five major industry awards. Such accolades from industry associations indeed bode well for the Santa Monica, CA-based retail real estate investment trust (“REIT”), as these will likely attract more tenants to the property.
Notably, Tysons Corner Center, developed by Macerich, includes the 300-room Hyatt Regency hotel, the 22-story Tysons Tower, and the 429-unit VITA residential building. Tysons Tower is home to various top global brands, including telecommunication and consulting firms. This expansion project previously received other awards of excellence from the Northern Virginia Chapter of NAIOP, the Northern Virginia Chapter of the American Institute of Architects, the Washington Business Journal and Delta Associates.
Macerich is engaged in owning, acquiring, leasing, managing, developing and redeveloping regional and community shopping centers in high barrier-to-entry U.S. markets. The company primarily focuses on the attractive, densely populated markets of the U.S.
Macerich currently carries a Zacks Rank #3 (Hold).
Investors interested in retail REITs may consider stocks like Agree Realty Corp. ADC, CBL & Associates Properties Inc. CBL and National Retail Properties, Inc. NNN. All three stocks hold a Zacks Rank #2 (Buy).
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