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CHICAGO-General Growth Properties, Inc. is adding 7 million sf to its property management portfolio, taking over leasing and marketing functions for nine malls around the US owned by various institutional investors. Locally, the second-largest shopping center owner and retail REIT picks up management contracts for Ford City Mall here and Stratford Square in west suburban Bloomingdale.

The new contracts increase General Growth Properties’ third-party management portfolio by more than 20% to 40 million sf.

The REIT also is providing management at Fiesta Mall in Mesa, AZ; Hanover Hall in Hanover, MA; Garden City Center in Cranston, RI; Sandburg Mall in Galesburg, IL; Marquette Mall in Michigan City, IN; Auburn Mall in Auburn, ME and Adrian Mall in Adrian, MI.

“We’re looking forward to working with the current mall teams in enhancing each mall’s merchandise mix, customer traffic and overall retail sales,” says senior vice president Libby Lassiter. “Many of the markets where these centers are located possess similarities to existing properties we manage in other secondary and major markets. We will capitalize on this experience as we formulate new strategies for these centers.”

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