Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-General Growth Properties, Inc.’s $250-million purchase of Honolulu-based Victoria Ward, Ltd. is a done deal. The acquisition, which closed Tuesday, gives the retail REIT 65 acres in Downtown Honolulu two blocks from its Ala Moana Center, with 1 million sf.

The acquisition of privately-held Victoria Ward comes nearly two months ahead of schedule. The deal includes General Growth assuming about $50 million of Victoria Ward short-term debt. General Growth has said the acquisition will provide an 8.5% unleveraged rate of return over the first 12 months after closing.

Meanwhile, shareholders of Salt Lake City-based JP Realty, Inc. will vote in early July on General Growth’s $1.1-billion acquisition. General Growth would add 18 shopping centers and 26 community centers in the Mountain States to its portfolio.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.