DALLAS-Armed with proceeds from the $34.2 million sale of Kierland Commons in Scottsdale, AZ, Woodbine Development Corp. plans to ramp up its investment activity.
The local company, along with its joint venture partner, Scottsdale, AZ-based Herberger Interests, sold a 50% interest in the mixed-use project to Macerich and its joint venture partner Institutional Mall Investors LLC. The purchase price for Kierland Commons included the assumption of a pro rata share of debt of $18.6 million.
The deal comes six years after Macerich and Institutional Mall Investors acquired a 49% interest in the 38-acre project. Now, the duo each owns 50% of the development, which opened in 2000.
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