Macerich Co. sold its 50% stake of Biltmore Fashion Park to a regular project partner, Red Development, which now takes full ownership of the shopping center. The historical center is home to a mix of high-end retailers such as Saks Fifth Avenue, Anthropologie, Life Time Fitness, Ralph Lauren and Macy’s. It also includes a variety of popular restaurants including Blanco, Zin Burger, Capital Grill and Seasons 52.
“Red Development is honored to acquire full ownership of Biltmore Fashion Park, now making one of the state’s most important and historical properties into a locally owned and operated landmark,” said Mike Ebert, managing partner of Red Development in a statement to the Phoenix Business Journal.
Landmark Title was happy to manage the escrow and title for this high-profile transaction.