Chief executive officer John Bucksbaum revealed in the REIT'srecent earnings conference call that his company has its eyes onthe 25 Mervyn's stores located at General Growth Properties malls.Minneapolis-based Target Corp. has its Marshall Field's andMervyn's chains on the market. "We think it's very good andvaluable real estate," Bucksbaum said. "If we get an opportunity toget space back and land back at centers we own, we're alwaysinterested."

Bucksbaum said his company was not necessarily the top bidderduring its first acquisitions of 2004, which so far have includedthe Grand Canal Shoppes at the Venetian casino in Las Vegas. "Younever know what's going on through the minds of sellers," saidBucksbaum, although he suggested ability to close a sale is afactor. "You can have a great price, but if it doesn't close,you've wasted a lot of time and money."

Meanwhile, General Growth Properties continues to believereturns can be as great or better in redeveloping its malls.Projects at 14 properties include a 180,000-sf renovation atAlderwood Mall in Lynwood, WA and addition of a Bass Pro Shop alongwith a total redevelopment of the River Falls Mall in Clarksville,IN. Both projects are estimated to cost $68 million each.