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 anchorstores still on the site, including a 300,000-sf J.C. Penneybuilding that was purchased by Nassimi Realty of New York City inAugust.

Mark Taylor, VP with the Philadelphia office of Marcus &Millichap, said the sale is through a bid process, and no price hasbeen named. However, the enclosed mall is not going to go for thesame price as what the 1.5-million-sf Oakland Mall sold for inNovember, reportedly about $100-$150 per sf. "I don't think itwould be that high," Taylor tells Oakland Mall, whichopened in 1968, is in a more affluent market area thanNorthland.

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

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