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Strategies & Market Trends : Value Investing
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To: Madharry who wrote (66402)5/14/2021 3:13:20 PM
From: E_K_S  Read Replies (1) of 78751
 
RE: Macerich Company (MAC)

A hint of what’s to come for dying malls: Phoenix mall owner sells out as property is rezoned for other uses
UPDATED THU, APR 1 20211:02

Mall owner Macerich announced Thursday it’s sold a majority stake in Paradise Valley Mall in Phoenix to a mixed-use real estate developer.The 92-acre site has been rezoned to create a new community with homes and offices.Malls packed full of clothing and other retail shops are looking for a new life. Coresight Research has estimated that 25% of America’s roughly 1,000 malls will close by 2025.
Wonder what their stake is. Would have liked them to keep at least 50% but it's a difficult job to develop 'mixed-use' w/o experience. Perhaps, more to come if this project works.

EKS
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