Big buy. (Real Estate).General Growth Properties General Growth Properties (NYSE: GGP) is a publicly traded real estate investment trust in the United States. It is based in Chicago, Illinois. History The company was founded by two brothers, Martin and Matthew Bucksbaum, in 1954. Inc.'s purchase of the Glendale Galleria The Glendale Galleria is a large 3 story regional shopping mall located in Glendale, Los Angeles County, California. It is the second largest mall in Los Angeles County. It is located in Downtown Glendale. turned out to be pricier than first reported. Two weeks ago, the Chicago-based REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). closed escrow on the 26-year-old shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into , having paid $415 million to a joint venture of Cigna Corp., Costa Mesa-based private REIT Donahue Schriber and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Teachers' Retirement System for the 1.5-million-square-foot property. The purchase did not include anchors Macy's, Robinsons-May, JC Penney, Nordstrom and Mervyn's, all of which own their stores. As a result, the purchased portion of the Galleria was just 632,000 square feet, putting the price at $657 per square foot for a center that generates about $535 per foot in sales. By comparison, Beachwood, Ohio-based REIT Developers Diversified Realty Corp. is paying Trizec Properties Inc. $278 a foot for the 410,000-square-foot Paseo Colorado in Pasadena. Staff reporter Danny King can be reached at (323) 549-5225 ext. 230, or at dking@labusinessjournal.com. |
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