CHICAGO, Feb. 23, 2012 /PRNewswire/ -- General
Growth Properties, Inc. (NYSE: GGP) ("GGP") today announced a
definitive agreement for the acquisition of 11 Sears anchor pads
within its portfolio for $270
million. The acquisition is expected to close in the second
quarter of 2012 subject to customary closing conditions.
"This portfolio represents a significant opportunity to
recapture valuable real estate within our portfolio," said
Shobi Khan, chief operating officer,
General Growth Properties. "This acquisition also enhances
several expansion and redevelopment opportunities including
re-tenanting the anchor space and adding new in-line GLA.
Over the next several years we anticipate adding
319,000 square feet of new in-line space, the majority at Ala Moana
Center, our most productive mall with sales surpassing $1,200 per square foot. In addition, we
look forward to continuing to work with Sears as they represent an
important anchor tenant within our portfolio."
PORTFOLIO INFORMATION
Upon closing, GGP will own the following anchor pads. GGP
anticipates Sears to continue occupying each space into 2013 until
the final closing dates are determined.
|
Mall
|
Location
|
|
Ala Moana
Center
|
Honolulu,
HI
|
|
Apache
Mall
|
Rochester,
MN
|
|
Bellis
Fair
|
Bellingham, WA
|
|
Coral
Ridge Mall
|
Coralville, IA
|
|
Fashion
Place
|
Murray,
UT
|
|
Mall of
the Bluffs
|
Council
Bluffs, IA
|
|
Market
Place Shopping Center
|
Champaign,
IL
|
|
Provo
Towne Centre
|
Provo,
UT
|
|
Quail
Springs Mall
|
Oklahoma
City, OK
|
|
West Oaks
Mall
|
Ocoee,
FL
|
|
The
Woodlands Mall
|
Woodlands,
TX
|
ABOUT GGP
General Growth Properties, Inc. owns or has an interest in
136 regional shopping malls comprising approximately 140 million
square feet of gross leasable area in the
United States. GGP is headquartered in Chicago, Illinois, and publicly traded on the
NYSE under the symbol GGP. For further information please
visit the GGP website at www.GGP.com.
SOURCE General Growth Properties, Inc.