None of the parties would divulge the purchase price of theManhattan Village mall, at the heavily trafficked intersection ofRosecrans Avenue and Sepulveda Boulevard in Manhattan Beach.However, CB Richard Ellis SVP Brent Howell—-one of the twoTorrance-based Ellis brokers who represented Madison Marquette inthe transaction—-says the complex fetched "under $90 million."

Howell adds that Madison Marquette intends to renovate andexpand the shopping complex. In all, it acquired 424,112 sf of the551,847-sf facility. Excluded from the sale are a Macy's departmentstore and a small office building on the site.

AMB Institutional Realty is an advisory firm based in SanFrancisco. Macerich Co. is the Santa Monica, CA-basedshopping-center REIT whose holdings include Santa Monica's ThirdStreet Promenade, LA's Westside Pavilion and several other largemalls. AMB and Macerich were represented in the transaction by ateam of local brokers at Cushman & Wakefield.