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State Land Department Auctions Major Mixed Use Site to Westcor

04.30.08

Today the Arizona State Land Department successfully auctioned a 99-year land lease for Paradise Ridge parcel 3A in north Phoenix to Westcor, a subsidiary of Macerich (NYSE: MAC), WDP, Jaren Associates and the Landmark Land Company for $32 million. The property is slated for a mixed-use development including retail, residential, commercial and hotel uses.
 

The winner of the auction was, Jaren Associates #4, comprised of local developers, Westcor, WDP, and Landmark Land Company. For 40 years, Westcor has
been a part of shaping Arizona’s retail landscape and partnered with some of the industry’s leading residential and mixed-use developers. Landmark Land Company is recognized for their resort, residential and golf course development expertise. Together, a dynamic master plan will take shape for a unique mixed-use development on this high profile State Land parcel. For more information about Westcor visit www.westcor.com.

“We consider this among the best properties in Arizona as well as the entire country,” said Arizona’s State Land Commissioner, Mark Winkleman. “This property
will be developed as a high density core of Phoenix and should be a showcase as to how mixed-use urban development should occur. We are very pleased to finally have this community underway.”

The 112-acre parcel, dubbed “Palisene”, is located on the northwest corner of Scottsdale Road and Loop 101. The strong demographics include a market with more households within 10-miles with an average income of $100,000 than Bal Harbour and Naples in Florida, the Hamptons in New York, Aspen in Colorado and Carmel in California.

By law, State Trust lands must be sold or leased for their highest and best appraised use to the highest bidder at public auction. Earning money to support
Arizona’s public schools is the primary mission of the Arizona State Land Department. Since the Trust was established, more than $2 billion has been amassed in the schools’ permanent fund.

The Arizona State Land Department manages 9.3 million acres of Arizona State Trust Land. The proceeds from the sale of land go to the beneficiaries of the Arizona State Land Trust Permanent Trust Fund, primarily Arizona Common Schools, supporting grades K-12. For more information about the State of Arizona Land Department visit www.land.state.az.us or call (602) 542-4621.

Media Contacts
Jamie Hogue, Deputy State Land Commissioner, 602-542-4621
Anita Walker, Macerich Public Relations, 602-953-6596.

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