The properties included in the sale are: the 794,104-sf AlmedaMall in Houston; Northwest Mall in Houston, 794,104 sf; theone-million-sf Eastland Mall in Charlotte, NC; Montgomery Mall inMontgomery, AL, 726,883 sf; and the 1.3-million-sf University Mallin Tampa, FL.
President and CEO Michael Glimcher says the company expects toredeploy the sales into redevelopments and "acquisition of newhigher income growth assets and selective ground-up development ofpremium retail properties."
This may include the company's most recent announcement of ajoint venture with the Wolff Co. and Vanguard City Home to developScottsdale Crossing. The $200-million project, which will belocated in Scottsdale, AZ, will include approximately 650,000 sf ofretail and office space.
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