Macerich Sells Phoenix Property
April 8, 2021
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...
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