General Growth Under Contract To Buy St. Louis Trophy Mall
August 02 2011 - 2:17PM
Dow Jones News
General Growth Properties, Inc. (GGP) said Tuesday it is under
contract to buy Plaza Frontenac, a 500,000-square-foot luxury mall
in St. Louis.
The property, built in 1974, had been put on the block by
Perlmutter Investment Co.'s Davis Street Land Co. and Verizon
Communications Inc.'s (VZ) pension fund.
General Growth's chief executive, Sandeep Mathrani, said during
the company's earnings call that it plans to pursue a joint venture
with an institutional investor for the mall.
General Growth, the nation's second-largest mall owner behind
Simon Property Group Inc. (SPG), owns and has a management interest
in 166 malls in 43 states. The company's portfolio totals 169
million square feet of space.
-By A.D. Pruitt, Dow Jones Newswires; 212-416-2197;
angela.pruitt@dowjones.com
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