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Real Estate

May 28, 2003

CalPERS Partners With Macerich for Stake in Marin County Mall

BY BRAD BERTON Special to the CREJ California Public Employees' Retirement System, the $130 billion state-employee pension fund, has agreed to acquire a 50 percent stake in ritzy Marin County's Village at Corte Madera shopping mall.

BY BRAD BERTON
Special to the CREJ

California Public Employees' Retirement System, the $130 billion state-employee pension fund, has agreed to acquire a 50 percent stake in ritzy Marin County's Village at Corte Madera shopping mall.

The $66 million sale factors to a valuation of slightly less than $620 per square foot - a hefty figure reflecting the center's nearly $500 in average annual sales per square foot.

CalPERS is purchasing th...

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