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...