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Joint Partnership May Spend $82 Mil to Purchase Mall and Improve It

PHOENIX-A joint venture is in negotiations to purchase one of the largest malls in the metropolitan area for $42 million. The new owners plan to spend another $42 million over the next two years to update and add to the property.

By D.J. Burrough | Updated on November 06, 2000

PHOENIX-A local developer has partnered with a retail brokerage firm and a Canadian real estate investment firm to purchase one of the area’s largest malls for $42 million. The new owners plan to pour another $42 million into redevelopment.

A joint-venture, which includes Kitchell Development Co., a Phoenix-based general contractor and developer, along with De Rito Partners, a Phoenix-based retail brokerage firm, and Toronto-based Eastbourne Investments Ltd., is engaged in negotiations to purchase Christown Mall in Phoenix.

The 1.2-million-sf mall, built in 1961, is at the southeast corner of 19th Avenue and Bethany Home Road. The mall is anchored by Wal-Mart and Montgomery Wards stores, and later this month a Costco Superstore is scheduled to open.

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