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Macerich B-Malls On the Block

Reuters reports that Macerich is trying to sell 17 of its malls, made up primarily of non-core assets.

Most of the malls are more than 90 percent leased, but are still considered to be class-B, rather than class-A assets. They include, in addition to Great Northern Mall in Clay, N.Y. and The Centre at Salisbury in Salisbury, Md., the following assets:

The other malls being marketed by Eastdil Secured are South Towne Center in Sandy, Utah; Rimrock Mall in Billings, Montana; Northridge Mall in Salinas, California; Capitola Mall in Capitola, California; Chesterfield Town Center in Richmond, Virginia; Valley Mall in Harrisonburg, Virginia; NorthPark Mall in Davenport, Iowa; SouthPark Mall in Moline, Illinois; Green Tree Mall in Clarksville Indiana; Towne Mall in Elizabethtown, Kentucky; Rotterdam Square in Schenectady, New York and Wilton Mall in Saratoga Springs, New York.

There have been few retail portfolio sales taking place in recent months, so it will be interesting to see how the Macerich offering will fare.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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