Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Nathan Isbee - Stifel Nicolaus.
Nathan Isbee - Stifel Nicolaus
Few quick questions, just going back to your comments you made just a few minutes ago about the JV that you expect to close over the next few months. You expect those to have blended caps of about 7.5, is that correct?
Art Coppola
No, I said that the combination of Queens and the other joint ventures would average in the mid-7s is exactly what I said. Queens is, it’s 7 to 7.25, so that would infer that the other two are just north of 7.5 and the blended rate is in the mid 7s.
Nathan Isbee - Stifel Nicolaus
Can you just talk about, I mean when you look at Queens generating 867 a foot as of year end versus what you’re looking to sell now in the mid-400. Why the spread would not have been wider?
Art Coppola
We basically are pricing the transactions at prices that our partners feel comfortable with and Queens is clearly a Class A asset. Macerich owns 75 malls out there and a lot of investors would view at least two-thirds of them to be Class A malls. When you look at coming into an investment, the investor makes decisions that they make for a multitude of reasons.
The new deals that we’re doing are very solid citizens, where their sales are at 450 a foot today and the portfolio is off 10% and that means roughly a year ago, their sales were $500 a square foot. The centers that we are working on are diverse geographically, with one of them in the middle part of the world, of the U.S., one of them in the Western part of the U.S. and one of them in the Eastern part of the U.S. and I did try and give you some guidance in terms of the sales per foot.
So, you didn’t end up speculating that the next joint venture would be Tysons Corner or something like that fairly not. I wanted to give as much specificity as possible to you all, because I know those questions have been asked in the past, but they’re clearly Class A assets with great anchors, great demographics and great futures.
Nathan Isbee - Stifel Nicolaus
On the Queens Center, was the Cadillac offer the only offer you received on that?
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