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A tech campus in Santa Clara has landed some new leaIntevacses, stoking some hope for a wobbly commercial real estate market in the Bay Area that is being jolted by multiple setbacks.
It was announced Monday, that the acquisition of the Metrocenter Mall in Phoenix will include the Dillard's Building and U-Haul Building (formerly Macy's building that has now closed).
Developers of the $1 billion Metrocenter Mall redevelopment project are set to move forward with purchasing the 80-acre site and demolishing most of the buildings by next year.
The US and European real estate markets are experiencing a downwards shift in prices as buyers fall away, according to Hines exec