Photo via Red Development
By Brandon Brown | Phoenix Business Journal
The developer leading the charge to completely reimagine Paradise Valley Mall has purchased the majority of the property for more than $100 million.
Phoenix-based Red Development worked with the mall’s longtime owner, Santa Monica-based Macerich Co. (NYSE: MAC), to get the property rezoned earlier this year so it could be mostly demolished and turned into a mix of apartments, offices, restaurants, retail shops and a high-end grocery store. Now, Red has bought a majority share of the property.
In a deal that closed on March 29, Macerich sold the four parcels it owns at Paradise Valley Mall to a Delaware limited liability company PV Land SPE, which is a newly formed joint venture between Macerich and Red Development.
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