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Macerich Sells La Encantada In Tucson

Macerich (MAC) said that it has sold La Encantada, a retail asset in Tucson, AZ, generating about $100 million of incremental liquidity. The open-air, 246,000 square-foot specialty center sold for $165.3 million.

The company noted that the transaction builds on the March 2021 sale of 95% of Paradise Valley Mall, a non-core asset in Phoenix, which yielded net proceeds for Macerich of approximately $95 million.

The strategy of selling non-core assets has generated over $200 million of liquidity through the first nine months of 2021.

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