Macerich president Edward Coppola and a rendering of the redevelopment in Pheonix (Macerich/City of Pheonix)
Macerich Company has sold a Phoenix mall for $100 million, as the mall REIT continues to battle back from a withering year of losses.
The buyer is a joint venture affiliated with Red Development, according to the Los Angeles Business Journal.
Santa Monica-based Macerich retained a 5 percent interest in the JV, which plans to redevelop the Paradise Valley Mall, on property that encompasses 92 acres, into a mixed-use complex.
The redevelopment plan includes adding 3.25 million square feet of multifamily buildings, office space, and retail including a grocery store and restaurants. The mall was built in 1978 and was recently rezoned.