Tuesday, January 24, 2023 / by Juan Grimaldo
Iconic Phoenix mall sold to developers for new mixed-use project
Florida-based Concord Wilshire Capital and TLG Investment Partners have acquired the former Metrocenter Mall in Phoenix in partnership with Carl DeSantis' CDS International Holdings Inc. to pave the way for a new mixed-use project known as the Village.
The new owners said they paid $48 million for the 64.2-acre site in January to three sellers.
The mall property was sold by Carlyle ER Metro LLC, an entity connected to New York-based retail firm Carlyle Development Group Inc. Dillard's Properties Inc. also sold the Dillard's store parcel, while AMERCO Real Estate Co., Phoenix-based U-Haul's parent company, sold the former Macy's store it bought in 2018.
The transaction was completed without mortgage financing on the property, according to the companies, which said that Greenwall Capital Management sourced and advised CDS in the sale.
“Late cycle investing requires that we are very focused on selecting only the best partners with projects in the best locations as we thoughtfully deploy CDS capital,” said Bill Milmoe, president of CDS, in a statement. "We especially like the public-private partnership to make this project a success. For CDS, Metrocenter checks all of the boxes to make the project our first major investment in the Phoenix metro area.”
Following the acquisition of the 1.4 million-square-foot mall, the developers said demolition will start "immediately" and be completed in a year.
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By Audrey Jensen - Reporter, Phoenix Business Journal