Culver City Observer -

Santa Monica based shopping mall owner Macerich announced April 1 that it has sold a majority stake in Paradise Valley Mall in Phoenix to a mixed-use real estate developer.

The 92-acre site has been rezoned to create a new community with homes and offices. According to CNBC, Malls packed full of clothing and other retail shops are looking for a new life. Coresight Research has estimated that 25% of America’s roughly 1,000 malls will close by 2025.

Macerich is a real estate investment trust that invests in shopping centers. It is the third-largest owner and operator of shopping centers in the United States. As of December 31, 2020, Macerich owned interests in 52 properties comprising 50 million square feet of leasable area.

The company name is a portmanteau of its founders, Mace Siegel and Richard Cohen