November 17, 2024 7:53 pm
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Macerich turns over Fiesta Mall to lender in lieu of foreclosure

Fiesta MallBy Kristena Hansen | Phoenix Business Journal

Mesa’s Fiesta Mall, one of the Valley’s most iconic shopping centers, is now officially lender-owned. Macerich Co. (NYSE: MAC), a Santa Monica, Calif.-based real estate investment trust, turned the mall over to the lender by a deed-in-lieu of foreclosure on Sept. 30, according to a filing with the U.S. Securities and Exchange Commission last week. Macerich representatives did not immediately respond for comment.

I first reported that Macerich had run into troubles with its $84 million commercial mortgage-backed security on the property near Alma School Road and Southern Avenue this summer.

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