PHOENIX-In a move that further strengthens its presence in the Valley, the Macerich Co. has purchased a 49% interest in Kierland Commons, an upscale "Main Street" project on the northeast border of Phoenix and Scottsdale.
The interest was sold by owner and developer, Dallas-based Woodbine Southwest Corp. and Herberger Family Interests, which will retain 51% interest and will continue to serve as majority partner. Macerich's Phoenix-based Westcor subsidiary will manage and lease the mixed-use property's retail and office components.
Located on a 38-acre site, Kierland Commons includes 450,000 sf of specialty retail, entertainment, restaurant and office space as well as 30 residential lofts. The project is the centerpiece to the 730-acre Kierland master-planned community, which also includes the Westin Kierland Resort & Spa and Kierland Golf Club.
Kierland Commons' first phase opened in 2000 and the final phase opened in December 2004. The 99%-leased project has more than 70 retailers and restaurants.
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