Phoenix's Kierland Commons has a new owner

The developers of Kierland Commons have sold their remaining 51 percent ownership of the northeast Phoenix shopping district. Santa Monica, Calif.-based Macerich on Monday announced that it purchased full ownership of Kierland with its joint-venture partner, Institutional Mall Investors LLC. The partners bought a 49 percent stake in Kierland in January 2005 from its developers, Dallas-based Woodbine Development Corp. and Valley-based Herberger Interests. Macerich, the parent company of Valley mall giant Westcor, will pay $34.2 million in cash and assume $18.6 million in debt for its new ownership position in the mixed-use property. Macerich and Institutional Mall Investors will split the ownership of Kierland Commons. Institutional Mall Investors is jointly owned by the California Public Employees' Retirement System, or Calpers, and an affiliate of Miller Capital Advisory Inc. Institutional Mall Investors also is a partner with Macerich in Biltmore Fashion Park in Phoenix and Scottsdale Fashion Square in Scottsdale. Westcor will continue to manage and lease the 11-year-old property. Kierland Commons, northwest of Scottsdale Road and Greenway Parkway, includes 316,000 square feet of retail space on 38 acres.

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