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Macerich sheds 2 malls for $170M

Macerich Co. offloaded its Cascade Mall in Burlington, Wash., and Northgate Mall in San Rafael, Calif., in a $170 million deal, yielding net proceeds of about $100 million.

The Cascade Mall is 86.5% occupied and the Northgate Mall is 94.9% occupied.

Macerich noted in a release that it expects that dilution from the sales will lower the company's funds from operations per share for the full year 2017 by about 6 cents.

The buyer was Merlone Geier Partners.