MARCUS & MILLICHAP SELLS SPACE WITHIN NORTHLAND CENTER FOR $31 MILLION

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SOUTHFIELD, MICH. — Marcus & Millichap has brokered the sale of 663,000 square feet within Northland Center, a 1.7 million-square-foot enclosed mall located at 21500 Northwestern Highway in Southfield. New York City-based Ashkenazy Acquisition Corp. has purchased the space from Jenkintown, Penn.-based Jager Management Inc. for a sales price of approximately $30.99 million. The 120-acre mall is co-anchored by Macy’s and Target. The portion of the property that was acquired as part of the transaction did not include Macy’s or Target. At the time of closing, Northland Center was 70 percent occupied. Mark Taylor and Dean Zang in the Philadelphia office of Marcus & Millichap represented the seller and procured the buyer in the transaction.

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