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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.

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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.

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