FASHION CENTER OWNER TO SELL MALL; CHICAGO FIRM WILL BUY NORTHRIDGE SITE.
Byline: Deborah Adamson Daily News Staff Writer
The Northridge Fashion Center Northridge Fashion Center is a large shopping mall located in Northridge, California. It opened in 1971. It was severely damaged during the Northridge Earthquake in 1994, but renovated extensively in 1995 and 1998. is getting a new owner.
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MEPC Most Efficient Cost Producer plc, London-based parent of MEPC American Properties that bought the mall a month before the 1994 Northridge Earthquake The Northridge earthquake occurred on January 17, 1994 at 4:31 AM Pacific Standard Time in the city of Los Angeles, California. The earthquake had a "strong" moment magnitude of 6. , agreed to sell eight U.S. shopping centers to General Growth Properties General Growth Properties (NYSE: GGP) is a publicly traded real estate investment trust in the United States. It is based in Chicago, Illinois. History
The company was founded by two brothers, Martin and Matthew Bucksbaum, in 1954. in Chicago for $871 million.
The purchase, which includes the Northridge mall This article is about a mall in Salinas, California. For the dead mall in Milwaukee, Wisconsin, see Northridge Mall (Milwaukee).
Northridge Mall, located in Salinas, California, serves as Monterey County's largest shopping mall. , is expected to close in 45 days. No price for the local mall was given.
``We're actually very optimistic about it,'' said Annette Bethers, marketing director for the Northridge mall. ``General Growth, being a very large developer, has a lot of clout in the industry. We expect them to make the Northridge Fashion Center even more of a success than it already is.''
MEPC is in the process of divesting its assets outside of England.
The other malls being sold are in Bakersfield, Las Vegas, Rochester, Minn.; Atlanta, San Antonio, Jacksonville, Fla.; and New Orleans.
The new owner is expected to retain the staff at the eight shopping centers. General Growth also owns the Fallbrook Mall in West Hills.
The purchase will not affect the mall's renovation of its north wing, which will add a 10-screen Pacific Theater complex, Borders Books & Music, a Claim Jumper restaurant and about a dozen more eateries and shops.
Bethers said the new additions should be open in the third quarter.