PHOENIX, AZ (August 8, 2024) -- The Santa Monica-based retail REIT, Macerich (NYSE: MAC), a regular partner on several developments in metro Phoenix, announced it has sold its 50 percent stake in Biltmore Fashion Park to Phoenix-based RED Development, the Phoenix Business Journal reported.
Publicly traded Macerich announced the deal on its recent quarterly earnings call, suggesting a $110 million price and estimating that much would go toward paying down debt. Macerich said earlier that it plans to trim $2 billion in overall debt to regain a solid footing on its finances.
Mike Ebert, a managing partner in RED Development, said the investor plans to renovate Biltmore Fashion Park, calling it “one of the state’s most important and historical” developments and crowing that it’s now “a locally owned and operated landmark.”
The shopping center’s tenant roster at 2502 East Camelback Road includes Saks Fifth Avenue, Anthropologie, Macy’s and Life Time Fitness. Plans are being made to add an office tower on the site. Jack Hsieh, recently appointed CEO of Macerich, said the company took advantage of recent strategic planning for the Arizona property.