Macerich Off-Loads Interest in Biltmore Fashion Park

Macerich Co. sold its 50% stake of Biltmore Fashion Park to Red Development. Phoenix-based Red Development will now own 100% of the renowned retail center. Biltmore Fashion Park is home to tenants such as Macy’s, Saks Fifth Avenue, Anthropologie and Life Time.

The Phoenix Business Journal reports Red Development has been working with Macerich to develop a tower within Biltmore Fashion Park. The final details of the proposed tower are still to be determined, though the partnership has identified a 140-foot office tower or a 165-foot single or mixed-use tower that would be hotel, residential, office and/or retail. 

In other announcements, Macerich acquired the 40% of the Arrowhead Towne Center mall in Glendale that it did not own from its partner, New River Associates LLC. The company also announced that it has either refinanced or eliminated debt on various shopping malls to reduce its overall debt load.