The 1.1 million-sf Galleria, built by the partnership in 1985 and expanded in 1991, sold for such a high amount because of its great selling ability, said Lisa Malone of Rockwood.
"It was just highly sought after," she said. "The property's in line tenants are producing comparable sales of approximately $520 per square foot, which puts the mall in the top tier of malls nationwide."
Malone told GlobeSt.com that malls with a figure higher than $475 per sf are considered "trophy malls." The nationwide average of comparable sales is $330 per square foot, according to the International Council of Shopping Centers.
"We had a lot of bidding for that property," Malone said. General Growth did not give a reason for why it bought the mall, though the company just announced it will acquire the remaining 49% of ownership in Meadows Mall in Las Vegas and spend money to renovate the 950,000-sf building.
The Galleria sale includes a parcel of land comprising approximately 13 acres, which offers significant upside through potential future development. The property is located along the established and growing retail corridor situated on Brentwood Boulevard at the intersection of I-64 and I-170.
The Galleria is anchored by Lord & Taylor, a flagship Dillard's, and a flagship Famous-Barr, all three of which own their respective buildings and land parcels. The mall boasts upscale tenants including Mark Shale, RestoratFactory, Christian Bernard, and Bang & Olufsen.
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