PHOENIX-Carlyle Development Group has paid $12.2 million to buy Metrocenter Mall. The deal does not cover the spaces occupied by Sears, Dillard's and Macy's as well as two other empty big-box stores, but includes a connecting retail space spanning 525,000 square feet. The mall has been bought out of receivership from court-appointed receiver, Douglas P. Wilson. Cassidy Turley BRE Commercial brokered the deal for Wilson.
The mall entered into receivership after AEW Capital Management LP, its former owner, defaulted on a loan. For the full story, go to Phoenix Business Journal .
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