Closing of the 1.2-million-sf Saint Louis Galleria and 1.1-million-sf Coronado Center in Albuquerque is expected to happen by the end of the month. The acquisitions will add $243 million in debt to the REIT's balance sheet, while some of the remaining $626 million needed at the closing table may come from General Growth Properties' unsecured credit facility and new mortgages.
"Saint Louis Galleria and Coronado Center are premier centers in their regions with strong cash flow and occupancy," says General Growth Properties CEO John Bucksbaum.
Anchored by Dillard's, Lord & Taylor, Famous-Barr, and Mark Shale, sales at Saint Louis Galleria are $505 per sf. Vacancy is 4%. Foley's, Sears, JC Penney, Macy's, and Mervyn's anchor Coronado Center, where occupancy is 94% and sales add up to $354 per sf.
GGP Ivanhoe III, the 51-49 joint venture between General Growth Properties and Ivanhoe Cambridge, owns Eastridge Mall in San Jose, CA; Oglethorpe Mall in Savannah, GA; Oak View Mall in Omaha, NE; Meadows Mall in Las Vegas, NV; Park City Center in Lancaster, PA; Northgate Mall in Chattanooga, TN; Landmark Mall in Alexandria, VA and Mayfair in Wauwatosa, WI.
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