Via Macerich Co.
By Ron Davis | Phoenix Business Journal
As it reported its second quarter earnings, executives at Macerich Co. made a significant announcement: that it has sold its 50% stake of Biltmore Fashion Park to a regular project partner, Red Development, which now takes full ownership of the shopping center.
“Red Development is honored to acquire full ownership of Biltmore Fashion Park, now making one of the state’s most important and historical properties into a locally owned and operated landmark,” said Mike Ebert, managing partner of Red Development in a statement to the Phoenix Business Journal. “We’re grateful to Macerich for this incredible opportunity and for the years of collaboration and partnership. We look forward to unveiling our plans for the next chapter of this iconic destination soon.”
Read the full subscription story from the Phoenix Business Journal.
