Merlone Geier Partners acquires Cascade, Northgate malls in $170m deal

By

Kate Dingwall

Published
Jan 24, 2017

Just months after a tragic shooting took place in Washington's Cascade Mall, the Skagit County mall was put up for sale. Merlone Geier Partners has purchased both Cascade and a San Rafael California mall for $170 million from the Macerich Company.

Shoppers have reportedly been apprehensive to shop at the mall after five people were killed when a gunman opened fire at the Macy’s cosmetics counter in September.

Merlone Geier Partners, which now owns and operates the Cascade Mall (located in Burlington, Washington), already has an extensive mall footprint up and down the West Coast. Cascade Mall has been in the hands of Macerich since 1999, being purchased for $41 million by the Santa Monica company.

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Prior to the shooting, Cascade Mall was reported as having more vacant stores and sales-per-square-foot than other malls in similar locations.The mall currently has 87% of the retail spaced leased and generates roughly $319 per square-foot. American Eagle, Claire’s, David’s Bridal, Macy’s, Sears, and Victoria’s Secret all hold retail space inside Cascade Mall.