General Growth Closes $1.1B JP Realty Buy

CHICAGO-Chalk up another 13.7 million sf of retail space in the Mountain States, as well as 1.3 million sf of industrial space for the second-largest US retail REIT.

By Mark Ruda | July 11, 2002 at 01:01 AM

General Growth put up $440 million in cash, assumes $576 million in debt, while JP Realty stockholders get $26.10 per share.

General Growth also acquires 1.3 million sf of industrial space, most of it in the Salt Lake City market.

Although sales in the JP Realty portfolio have averaged $260 per sf, about $100 per sf less than the rest of General Growth's holdings, officials of the second-largest US retail REIT viewed the deal as a way to enter Mountain States markets in Arizona, California, Idaho, New Mexico and Washington.

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