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LOS ANGELES–Madison Marquette, the Cincinnati-based real estate investment giant, has agreed to buy most of a 551,847-sf shopping mall in the South Bay area from an investment group that includes AMB Institutional Realty Advisors Inc. and Macerich Co.

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

Howell adds that Madison Marquette intends to renovate and expand the shopping complex. In all, it acquired 424,112 sf of the 551,847-sf facility. Excluded from the sale are a Macy’s department store and a small office building on the site.

AMB Institutional Realty is an advisory firm based in San Francisco. Macerich Co. is the Santa Monica, CA-based shopping-center REIT whose holdings include Santa Monica’s Third Street Promenade, LA’s Westside Pavilion and several other large malls. AMB and Macerich were represented in the transaction by a team of local brokers at Cushman & Wakefield.

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