Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SCOTTSDALE, AZ-After sitting vacant since January, a 250,000-sf space in the Scottsdale Fashion Square, the Valley’s most successful regional mall, is getting a new tenant.

Macy’s has leased an anchor spot in the two million-sf center, located at the northwest corner of Scottsdale and Camelback roads. Three floors of retail space will be renovated for a fall 2002 opening. Work gets under way soon.

Owner Phoenix-based Westcor Partners was left with the vacant space when Sears Roebuck shuttered its doors, citing low sales. Westcor was shooting to fill the space with upscale Bloomingdale’s, but the deal evaporated during the summer. Both Macy’s and Bloomingdale’s are owned by Federated Department Stores. The Scottsdale Fashion Square location will be Macy’s fifth store in the Valley and the seventh in Arizona.

In August, Westcor Partners took full ownership of the mall, purchasing the half interest that was by a group of institutional investors advised by Lend Lease Real Estate Investments Inc. Scottsdale Fashion Square originally was developed as an open-air shopping center in the 1950s. Westcor acquired it in 1984 and enclosed it. The developer also added bridges over Camelback Road and Goldwater Boulevard and brought in Dillard’s, Robinsons-May, Neiman Marcus and Nordstrom as anchors.

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?

Dig Deeper


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


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.