As part of a strategy to unload underperforming properties, mall owner Macerich has sold numerous Phoenix properties. The Phoenix Business Journal reports that Macerich has sold nearly $150 million worth of property in the Phoenix area in the past year. Biltmore Fashion Park was its most well-known property, selling its share to Red Development for $110 million.
Other deals included selling 21 acres in Gilbert near the SanTan Village shopping center to Arte Moreno, the owner of the Los Angeles Angels and one of Arizona’s billionaires, for $24.5 million.
In addition, Macerich sold a 70,000-square-foot office park in Phoenix near the former Paradise Valley Mall, near Tatum Blvd and Cactus Road, for $6.2 million. In June, Macerich sold its small stake in PV, the high-profile mixed-use project being developed at the former Paradise Valley Mall site.
Macerich still owns 10 properties in the Phoenix area.
Six of those properties, including Chandler Fashion Center, Scottsdale Fashion Square and the hotel, are owned in joint ventures, with Macerich owning 50% of the asset.
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