The company owns about 600,000 sf of the 1.7-million-sf mall, basically all the inline stores minus anchors Marshall Fields, Target and National Wholesale Liquidators. There are vacant anchor stores still on the site, including a 300,000-sf J.C. Penney building that was purchased by Nassimi Realty of New York City in August.

Mark Taylor, VP with the Philadelphia office of Marcus & Millichap, said the sale is through a bid process, and no price has been named. However, the enclosed mall is not going to go for the same price as what the 1.5-million-sf Oakland Mall sold for in November, reportedly about $100-$150 per sf. "I don't think it would be that high," Taylor tells GlobeSt.com. Oakland Mall, which opened in 1968, is in a more affluent market area than Northland.

Jager bought the mall eight years ago, Taylor says, and believes it's time to sell. "They've gotten a good useful life out of it. They own other assets, and are repositioning their portfolio," he says. The company doesn't own any other property in Michigan, Taylor says.

Jager sunk a reported $120 million into the mall when it purchased the property in 2000. The space it owns at the mall now is about 83% leased, Taylor says. There have already been potential buyers calling, he says. "We put it out less than a week ago, and quite a few buyers have requested information packages, including one buyer that indicated they would make an offer," Taylor says.