Phoenix real-estate developer ReoReal has announced that it will not be selling its Phoenix, Arizona, site to an unnamed company.
ReoReal announced the decision in a statement on its website.
The company’s CEO said in a news release, “Our intent is to focus on the future of our Phoenix real property portfolio, not the short term.”
The announcement comes as a series of recent news reports suggest that Reo is looking to sell its property portfolio to a major rival, potentially with a significant investment in the process.
ReiReal acquired Reo’s Phoenix site in 2012 for $12 million.
The property includes a large shopping mall, restaurants and other amenities, and a former US Army barracks.
The Phoenix site has been home to a number of luxury condo developments, and Reo has been working to sell the property in recent months.
The company has previously said it will continue to build and develop properties in the area.
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