The largest of the three acquisitions is the 1.2-million-sf Glenbrook Square in Fort Wayne, anchored by L.S. Ayers, JCPenney, MarshallField's and Sears. Although occupancy stands at 89%, sales are averaging about $360 per sf. The 37-year-old property underwent a renovation in 1998.

The numbers are more robust at the 1.1-million-sf Maine Mall in South Portland, anchored by Best Buy, Filene's, JCPenney, Linen's 'n Things, Macy's and Sears. Sales are approximately $465 per sf at the 32-year-old property and occupancy is a tight 98%.

Meanwhile, occupancy at the 675,000-sf Sikes Senter in Wichita Falls is 90% and sales at about $275 per sf two years after a renovation and expansion of the 29-year-old center anchored by Dillard's, Dillard's Men's, JCPenney and Sears.

General Growth Properties plans to go to the closing table with cash and advances from its revolving line of credit, along with five-year non-recourse mortgages on the properties.

"These centers are the single dominant regional mall destinations in the markets they serve," says General Growth Properties CEO John Bucksbaum. "We have the opportunity to build upon the already strong performance of three successful properties that will further enhance the strength of our existing portfolio."