Mall owner Macerich sells off multiple properties in Phoenix
Macerich Co. has sold nearly $150 million in Phoenix-area malls and shopping centers over the past year — and may be planning more sales.
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Macerich Co. (NYSE: MAC), the owner and operator of several of the Valley’s largest malls and shopping centers, has sold nearly $150 million worth of property in the Phoenix area in the past year — and it could be looking to get rid of more.
The California publicly-traded real estate investment trust implemented a plan last year to sell off its slower-performing properties. The company’s latest earnings report, which was filed Aug. 11, showed it has sold five Arizona properties between July 2024 and June 2025.
The biggest deal so far in Arizona was selling the Biltmore Fashion Park outdoor shopping mall in Phoenix. Macerich owned half the mall and sold its share to its partner on the project – Red Development – for $110 million in a deal that closed in July 2024, as the Business Journal first reported.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
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Comments
3 Comments
Not to mention magnets for folks of questionable charecter, so I … won’t!
Kinda makes a car obsolete, doesn't it?
Malls are dead or dying. The land value far supersedes any rental space income potential.
In many ways COVID is to blame, but over crowded, over priced and under performing retailers just don't appeal to people when the Amazon truck can effortlessly drop your purchases at the door hassle free.
The land will always retain it's value but the structural clutter currently built on it is no longer wanted or needed.
Redevelopment on a massive scale awaits.