Macerich Sells 50 Percent Stake In Upscale Dallas Mall

Law360, Dallas (November 1, 2012, 9:00 PM EDT) -- Real estate investment trust The Macerich Co. sold its 50 percent equity stake in Dallas’ upscale NorthPark Center back to the mall’s privately held owner for $119 million in cash, Macerich said in an earnings call Wednesday.

NorthPark Development Co. also relieved Macerich of its share of a $163 million debt obligation as part of the deal, which closed in the third quarter, according to the earnings report. Macerich, a California-based real estate investment trust, invested $75 million in NorthPark Center in 2004, ahead of an...
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