X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Macerich has sold La Encantada, a 246,000-square-foot retail center in Tucson, Arizona, for $165.3 million. The sale generated $100 million in incremental liquidity for the firm.

The sale of La Encantada is Macerich’s second major sale in the Phoenix area this year. In March, the firm sold 95% of the Paradise Valley Mall for $95 million. A newly formed joint-venture partnership with an affiliate of RED Development purchased the property. The joint-venture partnership plans to develop a multi-year, multi-phased, mixed-use project at the 92-acre site, which is possible due to rezoning by the city in response to local demand. The redevelopment project will comprise high-end grocery, restaurants, multifamily space, offices, retail space and more. The property will feature equal parts residential and non-residential space, for a total 6.5 million square feet of occupied building area. Macerich will retain a 5% ownership stake in the building.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

More from this author

 

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.