Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Chicago-based General Growth Properties has purchased the 984,000-sf Pecanland Mall in Monroe, LA from locally based Pecanland Mall Holdings LLC. The aggregate price is $72 million or about $73.17 per sf.

General Growth paid $22 million in cash and assumed a $50-million existing loan at 6.5% fixed interest, according to the company’s prepared statement. The loan matures in January 2005.

The enclosed regional mall was completed in 1982 and is 94% leased. Anchors are Dillard’s, Sears, JC Penney, McRae’s and Mervyns. There is also a 10-screen cinema and 354,000 sf of available retail space.

The property is expected to generate $7.4 million in net operating income over the next 12 months. The center produces estimated sales of $301 per sf.

John Bucksbaum, chief executive officer of General Growth, says in the statement he expects new Pecanland Mall activity to be spurred by volume at nearby Mall St. Vincent and Pierre Bosseir Mall in Shreveport, LA, both owned by General Growth.

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
Live Chat

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