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SOUTHFIELD, MI-GP Northland Center, through its Maple Shade, NJ-based parent company Jager Associates, has put its part of the Northland Center mall up for sale. The property, the first regional mall built in the US, opened in 1954, but has lost a few anchors along the way.

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.

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