Press release from PR Newswire
GGP to Acquire 11 Sears Anchor Pads
Thursday, February 23, 2012
GGP to Acquire 11 Sears Anchor Pads07:56 EST Thursday, February 23, 2012Portfolio Totals 1.8 million Square Feet of Gross Leasable AreaCHICAGO, 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 INFORMATIONUpon 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. MallLocationAla Moana CenterHonolulu, HIApache MallRochester, MNBellis FairBellingham, WACoral Ridge MallCoralville, IAFashion PlaceMurray, UT Mall of the BluffsCouncil Bluffs, IAMarket Place Shopping CenterChampaign, ILProvo Towne CentreProvo, UTQuail Springs MallOklahoma City, OKWest Oaks MallOcoee, FLThe Woodlands MallWoodlands, TXABOUT GGPGeneral 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.For further information: MEDIA, David Keating, VP of corporate communications, +1-312-960-6325, firstname.lastname@example.org, or INVESTORS, Kevin Berry, VP of Investor Relations, +1-312-960-5529, email@example.com, both of General Growth Properties, Inc.