**Mall Owner Macerich Unloading Phoenix Properties in $150M Sell-Off**
As part of a broader strategy to divest underperforming assets, mall owner Macerich has sold nearly $150 million worth of properties in the Phoenix metropolitan area over the past year.
The most high-profile transaction involved the company’s share of Biltmore Fashion Park, which was sold to Red Development for $110 million. The open-air shopping destination is one of the more recognizable properties in the region.
In other deals, Macerich sold 21 acres in Gilbert, located near the SanTan Village shopping center, to Arte Moreno, owner of the Los Angeles Angels and a prominent Arizona billionaire, for $24.5 million.
The real estate investment trust also completed the sale of a 70,000-square-foot office park in Phoenix, situated near the former Paradise Valley Mall on Tatum Boulevard and Cactus Road, for $6.2 million. Additionally, in June, the company divested its small stake in PV, a high-profile mixed-use development project at the former Paradise Valley Mall site.
Despite the sales, Macerich maintains ownership of 10 properties in the Phoenix area. Six of those properties, including Chandler Fashion Center and Scottsdale Fashion Square, are part of joint ventures in which the company retains a 50% ownership stake.
These transactions reflect Macerich’s continued efforts to focus on its strongest assets and joint venture partnerships, while scaling back in markets and properties that no longer align with its long-term strategic goals.
