Macerich Moves Out of Marina Marketplace

The Macerich Co. has sold the Villa Marina Marketplace to a private real estate investment partnership for approximately $99 million. The transaction included the assumption of the existing mortgage of $58 million. Located at 13450 Maxella Ave. in Marina del Rey, CA, the 448,000-square-foot community center occupies almost 23 acres on the north and south sides of Maxella Ave. Built in 1989 by GBW Inc., the center includes 2 theaters, 25 restaurants, and 2,179 parking spaces. Seller Macerich Co. acquired the center in January 1996 and expects to recognize a gain of approximately $24 million in the transaction. Macerich is a fully integrated self-managed and self-administered REIT which owns interests in 50 retail properties with a total of more than 41 million square feet.