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Macerich, Alaska Buy MXD Center for $515M

CHICAGO-The Shops at North Bridge, anchored by Nordstrom, is a 680,933-sf mixed-use development with the retail and office space 95% occupied.

By Gina Kenny | Updated on January 10, 2008

CHICAGO-A joint venture between Macerich, with corporate headquarters in Santa Monica, CA, and the Alaska Permanent Fund Corp. are buying the Shops at North Bridge, at 520 N. Michigan Ave. The Macerich Partnership LB is acquiring the property for $515 million. The seller is a partnership between Chicago-based John Buck Co., which developed the project, the Morgan Stanley real estate funds and Westfield Group. The buyers assumed the $205 million balance of an existing loan with an interest rate of 4.67% and a maturation date of July 2009.

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.

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