Buyer Red Mountain Retail Group of Santa Ana got more than 444,000 sf in the centers, Maryvale Terrace and Maryvale Plaza, both at 51st Avenue and Indian School Road, and Desert Sky Esplanade at 75th Avenue and McDowell Road. Red Mountain owns 43 centers comprised of more than 2,35 million sf, including 20 in Arizona.
Jim Miller, real estate director for John F. Long Properties, says the sale was prompted by the company's decision to focus on Algodon, a master-planned community in Glendale that will straddle the Loop 101 just north of Thomas Road near the newly build Glendale Sports Arena. Plans for that community call for a resort hotel and golf course along with retail space, offices and upscale multi-family housing.
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