Macerich, a Santa Monica, Calif.-based owner-operator-developer of commercial real estate, has purchased the remaining 50% ownership stake in Desert Sky Mall in West Phoenix, Ariz., from J.C. Penney Co.'s JCP Realty. The total purchase price was $27.6 million, which included the assumption of a pro-rata share of the property debt. Concurrent with the purchase of the partnership interest, the $51.5 million loan on the property was paid off.
Desert Sky Mall is a 900,000 square-foot indoor shopping center that features a merchandise mix geared toward Hispanic consumers. In December, Macerich launched a mercado concept at the mall that provides more than 200 small spaces for retail tenants offering products and services to a primarily Hispanic market. Major retailers at the mall include La Curacao, a Latin-focused department store, and Cinema Latino, a multi-screen theater complex, plus Sears, Dillard's and Burlington Coat Factory.
‘With our just-announced increased stake in Kierland Commons and this transaction, we are adding to our dominant position in Arizona, where we see long-term opportunity,’ says Ed Coppola, president of Macerich.
SOURCE: Macerich
