CLARKSVILLE, IN—Macerich Co. has sold the 800,000-sq.-ft. Green Tree Mall here for an undisclosed price, as part of a five-property portfolio sale that will generate about $470 million, the company said Monday.
The mall, which includes anchor tenants J.C. Penney and Sears, was sold to an unknown buyer. Macerich said in a statement that it has also sold the Redmond Town Center, an office building in Redmond, Wash., and is under contract to sell three more unnamed malls.
Concurrent with the sale of the Redmond office complex, the company paid off its pro rata share of debt on the project of $58.7 million. The average annual tenant sales per- square-foot for the mall dispositions is $389, said Macerich officials.
After the dispositions mentioned above, Macerich will own more than 61 million sq. ft. of real estate consisting primarily of interests in 57 regional shopping centers. The company has a presence in California, Arizona, Chicago, New York City and Washington, DC.