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This REIT Just Sold a High-End Mall for Nothing: What It Means

·4 min read
This REIT Just Sold a High-End Mall for Nothing: What It Means

Last week, Crain's Chicago Business reported that Macerich (NYSE: MAC) had sold its 50% stake in Chicago's high-end Shops at North Bridge mall to its joint venture partner for a pittance. A few days later, the prominent mall owner's annual report confirmed the news. As Macerich stated in its 2021 annual report, the mall REIT "assigned its joint venture interest in The Shops at North Bridge in Chicago, Illinois to its partner in the joint venture."