Larry Krasner of the Los Angeles office of CBRE tells GlobeSt.com that occupancy is about 82% at the in-line shops in the mall, which occupies 66 acres along the 215 Freeway at Inland Center Drive. Krasner was part of a CBRE team including David Doup of CBRE's Los Angeles office and William Palmer of the Sacramaneto office that represented the seller. The buyers, who acquired the property in a 50-50 joint venture, represented themselves.

Krasner says the acquisition by Walton and Macerich "highlights the continuing demand for well-performing, dominant retail properties in secondary markets." He says the LaSalle Investment management team created leasing momentum that leaves the property well-positioned to continue its success. The mall, which Macerich will manage, is anchored by Robinsons-May, Macy's, Sears and Harris Gottschalks. Krasner describes it as the dominant mall in its trade area, achieving mall store sales in excess of $430 per sf. It features more than 100 specialty shops, with in-line stores that are leased to national, regional and local tenants, including Victoria's Secret, Lane Bryant, Bath & Body Works, Anchor Blue, Lenscrafters and Zales. The mall was completed in 1966, expanded in 1998, and extensively renovated in 2000.

Macerich says that, concurrent with the closing, a $54-million loan at a 4.64% fixed rate was placed on the property. The 2004 net operating income for the center is forecast at $5.2 million.

The Macerich portfolio now includes 10 Southern California malls totaling more than 11 million sf.