Macerich Acquires Full Ownership of Desert Sky Mall in Arizona for $27.6M

Macerich MAC today announced the purchase of the remaining 50% ownership stake in Desert Sky Mall from J.C. Penney Co.'s JCP JCP Realty.

The total purchase price was $27.6 million which included the assumption of a pro rata share of the property debt. Concurrent with the purchase of the partnership interest, the $51.5 million loan on the property was paid off.

Desert Sky Mall is a 900,000 square-foot, classic indoor shopping center located in West Phoenix that features a unique merchandise mix geared toward Hispanic consumers. Key retailers include La Curacao, a Latin-focused department store, and Cinema Latino, a multi-screen theater complex, plus Sears, Dillard's and Burlington Coat Factory.