SANTA MONICA, Calif.,
Nov. 27, 2017 /PRNewswire/ --
The Macerich Company (NYSE: MAC) today announced the sale
of an office building at 500 North Michigan
Avenue in Chicago for $86.4 million. The asset
was unencumbered and wholly-owned by Macerich.
500 N. Michigan Ave is a 326,000 square foot office tower
located adjacent to Macerich's The Shops at North Bridge, a 673,000
square foot shopping center anchored by Nordstrom and Eataly which,
as of September 30, 2017 was 99.2%
occupied and generating sales per square foot of $906.
This latest disposition is consistent
with Macerich's strategy of recycling capital out of
non-core assets and into its core portfolio of irreplaceable retail
destinations in hub and gateway U.S. cities.
Macerich, an S&P 500 company, is a fully
integrated self-managed and self-administered real estate
investment trust, which focuses on the acquisition, leasing,
management, development and redevelopment of regional malls
throughout the United
States.
Macerich currently owns 54 million square feet of real
estate consisting primarily of interests in 48 regional shopping
centers. Macerich specializes in successful retail
properties in many of the country's most attractive, densely
populated markets with significant presence in the Pacific
Rim, Arizona, Chicago, and the New York Metro
area to Washington DC corridor. Additional information
about Macerich can be obtained from the Company's website
at www.macerich.com.
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SOURCE Macerich Company