Red Development, a Phoenix-based company, has acquired Macerich Co.’s 50% ownership stake in Biltmore Fashion Park. This means that Red Development now owns the entire retail center which is home to popular tenants such as Macy’s, Saks Fifth Avenue, Anthropologie and Life Time.
According to the Phoenix Business Journal, Red Development has been collaborating with Macerich on a new tower project within Biltmore Fashion Park. The details of this proposed tower are still being finalized but it could potentially be either a 140-foot office building or a 165-foot mixed-use structure that includes hotel, residential and/or retail spaces.
In addition to this transaction with Red Development, Macerich also recently purchased the remaining 40% ownership of Arrowhead Towne Center mall in Glendale from its partner New River Associates LLC. The company also announced successful efforts in refinancing or eliminating debt on several shopping malls as part of their strategy to reduce overall debt levels.
