Red Development LLC and others entered into an agreement to acquire 95% stake of Paradise Valley Mall located in Phoenix from The Macerich Company (NYSE:MAC) for $100 million on March 26, 2021. The Macerich will retain a 5% stake. Macerich will use the proceeds from the sale to repay nearly $1 billion of debt. The transaction is expected to close in late March 2021. Red Development LLC and others completed the acquisition of Paradise Valley Mall located in Phoenix from The Macerich Company (NYSE:MAC) on March 29, 2021.