PHOENIX, AZ – Owner, operator and developer, Macerich has sold Paradise Valley Mall in Phoenix, AZ for $100 million to a newly-formed joint-venture partnership, with an affiliate of RED Development.
The joint-venture partnership plans to develop a multi-year, multi-phased, mixed-use project at the 92-acre site. The project will be led by Phoenix-based, mixed-use real estate company, RED Development.
Macerich generated net proceeds of $95 million for the disposition of the non-core asset. The company will retain a 5% joint-venture interest in the mixed-use project.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
