The 448,000-sf community shopping center, known as Villa Marina Place, is just a few blocks from Fisherman's Village. It was purchased by M&A Realty Partners, a private investment group headquartered in San Francisco, which agreed to assume the $58-million mortgage on the property as part of the deal.
Macerich, which acquired the center in 1996, says it expects a gain of $24 million from the transaction. About $25.7 million of the net cash proceeds from the sale is being used to retire some of the company's debt and for general corporate purposes, according to a statement released by the company.
Publicly held Macerich owns a stake in four community centers and 46 malls, many of them in Southern California's most affluent communities. The properties total more than 41 million sf.
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