General Growth Properties, Inc. and Kimco Realty Form Joint Venture Partnership to Redevelop Owings Mills Mall in Maryland
November 10 2011 - 1:30PM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) (“GGP”) and Kimco
Realty (NYSE: KIM) today announced a joint venture partnership in
which both companies would own 50 percent interest of Owings Mills
Mall in Owings Mills, Maryland (Baltimore County). As part of the
joint venture, GGP and Kimco will co-lead a redevelopment of the 25
year old, 1 million-square-foot regional mall in northwest
Baltimore County. GGP previously owned 100 percent interest in
Owings Mills Mall.
“We’re exploring a number of options to revive Owings Mills Mall
and provide the shoppers of northwest Baltimore County a more
viable center that meets their needs. Kimco brings to the
partnership an established reputation as an owner and developer of
neighborhood and community shopping centers in the Baltimore area,”
said Shobi Khan, chief operating officer for General Growth
Properties, Inc.
Owings Mills Mall opened in 1986. Macy’s and JCPenney anchor the
two-level enclosed regional mall. Preliminary redevelopment and
renovation plans call for a new format and new tenant mix, which
could include exterior facing retail, junior boxes, big boxes and
department stores.
“The Owings Mills Mall presents a wonderful value creation
opportunity in one of our core markets. We are very excited about
the chance to partner with GGP in transforming this property into a
vibrant shopping center its residents need and want,” said Mike
Pappagallo, chief operating officer for Kimco Realty
Corporation.
"Today's announcement that GGP is joining forces with Kimco
Realty to transform Owings Mills Mall is great news for Baltimore
County, and is a key part of my aggressive strategy to jump-start
Owings Mills and bring new jobs and quality services to the
region," said Baltimore County Executive Kevin Kamenetz.
ABOUT GGP
General Growth Properties, Inc. has ownership and management
interest in 167 regional and super regional shopping malls in 42
states. The Company portfolio totals 169 million square feet of
space. A publicly-traded real estate investment trust (REIT), GGP
is listed on the New York Stock Exchange under the symbol GGP.
ABOUT KIMCO
Kimco Realty Corporation, a real estate investment trust (REIT),
owns and operates North America’s largest portfolio of neighborhood
and community shopping centers. As of September 30, 2011, the
company owned interests in 940 shopping centers comprising 138
million square feet of leasable space across 44 states, Puerto
Rico, Canada, Mexico and South America. Publicly traded on the NYSE
under the symbol KIM and included in the S&P 500 Index, the
company has specialized in shopping center acquisitions,
development and management for 50 years. For further information,
visit the company's web site at www.kimcorealty.com.
GGP Inc. (NYSE:GGP)
Historical Stock Chart
From May 2024 to Jun 2024
GGP Inc. (NYSE:GGP)
Historical Stock Chart
From Jun 2023 to Jun 2024