3 Macerich-owned Ariz. centers trade for a combined $100M

04/10/2012 | Wall Street Journal, The

Macerich has sold its stake in three Arizona "power centers" for a combined $100 million. Cole Real Estate Investments and RED Development purchased Macerich's 50% stakes in two of the centers for $45.8 million. These properties are the Chandler Festival, a 365,000-square-foot center, and Chandler Village Center, a 130,000-square-foot center, both in Chandler, Ariz. Macerich is also selling to Cole full ownership of the SanTan Marketplace in Gilbert, Ariz., for $54.8 million.

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