The sale of 680,933-sf included a four-level retail center, two parking garages with a total of 1,200 spaces and 133,615 sf of office space. The retail and office space has an occupancy rate of 94.9%, says Timothy Steffan, VP of asset management for Macerich. The retail center is anchored by Nordstrom, which has more than 260,000 sf with approximately 50 retailers, including Hugo Boss and the soon-to-open Forever 21, and about 20 restaurants, he says. The mixed-use development also has five hotels, including the Conrad and Intercontinental hotels, which were not included in the sale.

Shops at North Bridge opened in 2000. The cost of the retail portion of the nine-block, mixed-use project was $160 million, as previously reported by GlobeSt.com. Australia-based Westfield America acquired a stake in the property in 2003 with John Buck Co. remaining a majority ownership, as previously reported by GlobeSt.com. The acquisition, which was arranged by Dallas-based L&B Realty Advisors LLP, is Macerich's first in the Chicago market. "Obviously, the Shops of North Bridge is regarded as one of the premier retail venues in the industry," Steffan says. "Certainly, it is a marquis property that fits in well with our acquisition strategy."

Macerich owns 71 regional malls with a total of approximately 76 million sf. The company has a "focus on high-barrier-to-entry markets" and Chicago is "a high quality attractive market with superior demographics," Steffan says.