Macerich Sells Paradise Valley Mall - Quick Facts

(RTTNews) - Macerich (MAC) has sold Paradise Valley Mall, a non-core asset in Phoenix, for $100 million to a joint venture with an affiliate of RED Development. The company said the deal generated net proceeds for Macerich of approximately $95 million.

"As the retail landscape continues to evolve here in Arizona and around the country, our decision to realize the market value of this non-core asset makes sense for Macerich. Our focus remains on Macerich's top-tier, market-dominant properties that will continue to benefit from the industry's increasing momentum toward high-quality destinations," said Ed Coppola, President, Macerich.