X
Upcoming Stories
Phoenix & Southwest CRE News In Your Inbox .

Phoenix & Southwest   /   April 2, 2021

Lisa Brown
By: Lisa Brown

RED Development Buys Paradise Valley Mall for $100M

Reflecting the changing dynamics in retail, Macerich sold Paradise Valley Mall, a non-core asset in Phoenix, for $100 million to a newly formed joint venture with an affiliate of RED Development, a Phoenix-based mixed-use real estate company. The transaction, which closed earlier this week, generated net proceeds for Macerich of approximately $95 million. Macerich will retain a 5 percent joint venture interest in the project.

“As the retail landscape continues to evolve here in Arizona and around the country, our decision to realize the market value of this non-core asset makes sense for Macerich,” said Ed Coppola, president, Macerich.

The 1970s-era Paradise Valley Mall has been rezoned to better reflect local demand for a wider mix of offerings on the 92-acre site. Uses will include high-end grocery, restaurants, multifamily residences, offices, retail shops and other elements.

The redevelopment will feature approximately 3.25 million square feet of non-residential uses and 3.25 million square feet of residential uses (~2,500 multifamily dwelling units) for a total of approximately 6.5 million square feet of occupied building area. While the majority of the center will be closed in the next few months to begin the redevelopment, Costco, JC Penney, Mesquite library branch and mass transit station all will remain open.

Connect
Inside The Story
About the Author

Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
Email the Author

New call-to-action
New call-to-action
New call-to-action
© ConnectCRE 2021 / 3900 San Fernando Road, Suite 1007, Glendale, CA 91204
Contact Us / Policies, Privacy & DisclosuresSubmit Press Release / 
magnifiermenu