The Macerich Company, a commercial real estate investment trust has announced its full ownership of a shopping mall in Phoenix, Arizona. The company owns the other half of the Desert Sky Mall, but now, it has acquired the “other half” half of the shopping mall that they did not own from J.C. Penney Co for about $27.6. Macarich also assumes the property’s mortgage loan. Right after the selling transaction, the mall’s $51.5 million credit was paid off.
In Orlando, Florida, another shopping mall is recently acquired by a private real estate company, Lightstone Group for $25 million. According to a report, the mall minutes away from the Orange County Convention Center, Walt Disney World’s theme parks, Sea World, and Universal Studios.
The shopping mall, according to company information, is a large regional shopping center located at 75th Avenue and Thomas Road in Phoenix.
Developed and is managed by Westcor, the shopping mall is anchored by Sears, La Curacao, Dillard’s, Cinema Latino, and Burlington Coat Factory.
Desert Sky Mall is a 900,000 square feet enclosed shopping mall, which geared toward the largely Latino immigrant population in the Phoenix area and surrounding community, the company said in a statement.
At present, the company also plans to redevelop the former department store space of Mervyns into Mercado de los Cielos, a huge space that would house 200 small spaces or stalls for small retailers like meat markets, bakeries, and beauty salons, due to the high demand of rentable space for small-time retailers in the area.
Currently, the shopping mall is said to be the only regional mall located in the southwest valley.