Merlone Geier Partners, LLC acquired Cascade Mall in Burlington, WA and Northgate Mall in San Rafael, CA from The Macerich Company for $170 million.
January 18, 2017
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Merlone Geier Partners, LLC agreed to acquire Cascade Mall in Burlington, WA and Northgate Mall in San Rafael, CA from The Macerich Company (NYSE:MAC) for $170 million in December 2016. The transaction results in net proceeds to Macerich Company of approximately $100 million after the repayment of a floating-rate note on Northgate Mall. It is anticipated that dilution from the sales will have the impact of reducing 2017 funds from operations by approximately $0.06 per share.
Merlone Geier Partners, LLC completed the acquisition of Cascade Mall in Burlington, WA and Northgate Mall in San Rafael, CA from The Macerich Company (NYSE:MAC) on January 18, 2017.
The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company conducts its operations through The Macerich Partnership, L.P. (the Operating Partnership). The Company is focused on the acquisition, ownership, development, redevelopment, management, and leasing of regional and community/power shopping centers located throughout the United States. The Company, through its operating partnership, owns ownership interests in approximately 46 million square feet of real estate, consisting primarily of 43 regional town centers, three community/power shopping centers and one redevelopment property. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, including Macerich Property Management Company, LLC, Macerich Management Company, Macerich Arizona Partners LLC, Macerich Arizona Management LLC, MACW Mall Management, Inc., and MACW Property Management, LLC.
THE MACERICH COMPANY 
