The 448,000-sf community shopping center, known as Villa MarinaPlace, is just a few blocks from Fisherman's Village. It waspurchased by M&A Realty Partners, a private investment groupheadquartered in San Francisco, which agreed to assume the$58-million mortgage on the property as part of the deal.
Macerich, which acquired the center in 1996, says it expects again of $24 million from the transaction. About $25.7 million ofthe net cash proceeds from the sale is being used to retire some ofthe company's debt and for general corporate purposes, according toa statement released by the company.
Publicly held Macerich owns a stake in four community centersand 46 malls, many of them in Southern California's most affluentcommunities. The properties total more than 41 million sf.
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