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GlobeSt.com EXCLUSIVE: Macerich JV Buys 1M-SF Metrocenter

PHOENIX-Sources believe the 1.4-million-sf Metrocenter could have brought as much as $150 million although the JV buyer nor seller, Simon Property Group, will discuss the price. The new owners will put $20 million into rehabbing the 32-year-old mall.

By Jennifer D. Duell | Updated on January 13, 2005

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PHOENIX-The Macerich Co., AEW Capital Management and Somera Capital Management LLC have teamed to buy Metrocenter from DVM Co., a joint venture of Indianapolis-based Simon Property Group and Rusty Lyon Jr. of Phoenix. The acquisition price was not disclosed, but industry experts speculate the 1.4-million-sf super regional center sold for as much as $150 million.

The partnership will embark on a redevelopment and repositioning of the regional mall, built in 1973. Somera’s executive vice president Steve Plenge tells GlobeSt.com that the renovations will cost more than $20 million and will include exterior and interior work. The partnership has tapped Seattle-based Callison Architects to handle the design work. Construction will begin in the summer and finish in time for the 2006 holiday shopping season.

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