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Macerich Company Announces Sale of Northgate Mall

On January 19, 2017, The Macerich Company announced the sale of San Rafael’s Northgate Mall to Merlone Geier Partners as part of a larger sale involving the Cascade Mall in Burlington, WA. The overall sale of the two retail shopping malls amounted to a total of $170 million. The repayment of an outstanding floating-rate note on Northgate Mall resulted in total net proceeds to The Macerich Company of approximately $100 million.

With its corporate headquarters located in San Francisco, The Merlone Geier Partners private real estate investment company focuses on the acquisition, development and re-development of retail / retail-driven mixed-use properties throughout the West Coast. Investments in these retail property activities have been actively made since 1993. Acquisitions involving 144 properties have resulted in the ownership of over 24.5 million sqft of retail space. Further information about the Merlone Geier Partners resources and operations may be found at the company’s official website; www.merlonegeier.com.

The Macerich Company real estate investment trust is self-managed and self-administered with a focus on acquiring, leasing, managing and developing / re-developing regional malls across the US. They currently have interests in 54 million sqft of real estate which consists primarily of 48 regional shopping centers. Further information about The Macerich Company’s resources and operations may be found at The Macerich Company official website at www.macerich.com.

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