Phoenix's Christown Spectrum mall sells for $115 million

Christown Spectrum, Arizona’s oldest mall, has sold for $115.2 million.

The central Phoenix shopping center was purchased by New York-based retail giant Kimco Realty, according to property records. The deal closed late Monday.

Located at 19th Avenue and Bethany Home Road, Christown is home to big retailers Costco, Walmart, Target and PetSmart. A 14-screen Harkins movie theater is also part of the mall.

Christown has been renovated and expanded since opening in 1961. It was billed as the first indoor Arizona shopping center with air-conditioning.

The Midtown Phoenix area, where the mall is located, is drawing more residents who want to live closer in. The neighborhood’s home values have climbed. Several infill developments have been recently built or are planned in the area.

Christown has also benefited from having its own light-rail stop.

There is no word yet from the new owners on their plans. The mall is almost full.

Originally called Christown, the mall’s name was changed to Spectrum in the mid 1990s, when the development and neighborhood were struggling. The names were combined about a decade ago.

The 1.1 million-square-foot center was acquired in 2004 by New York-based Coventry Real Estate and Phoenix-based Developer Diversified Realty. Coventry sold the mall to Kimco.