The Macerich Co. has acquired the 973,000 sq. ft. Northridge Mall in Salinas, Calif., for $128.5 million. The supermall — the only enclosed mall in its trade area — is 95% occupied and generates sales per sq. ft. of $341. Anchor tenants include Macy’s, JCPenney, Sears and Mervyn’s.
Macerich paid cash for the acquisition, which is expected to generate $9.4 million in net operating income for calendar year 2004. The company used available cash and borrowings on its line of credit to fund the acquisition, and it is expected that a permanent secured loan will be put into place in the near future.