General Growth Properties puts retail centers up for sale

Published: Saturday, Dec. 20, 2008 12:50 a.m. MST
 |  E-MAIL | PRINT | FONT + - 
WASHINGTON — A troubled mall operator is putting prominent retail centers in Boston, New York and Baltimore up for sale in a desperate attempt to shore up its finances.

Chicago-based General Growth Properties Inc. has hired a New York-based commercial real estate firm to put the well-known retail centers up for sale.

New York brokerage DTZ Rockwood LLC said Thursday it has been retained to sell off New York's South Street Seaport, Boston's Faneuil Hall Marketplace and Baltimore's Harborplace & The Gallery, all three of which are prominent tourist destinations.

General Growth, owner of the Fashion Place and Cottonwood malls in Utah, is saddled with huge amounts of debt it took on during the real estate market's boom years when it aggressively bought up assets. Refinancing that debt has proven difficult amid a global credit crunch.

Analysts are unsure whether new managers, installed in late October, will be able to keep the company afloat as the recession drags on and U.S. retailers struggle.

Comments

You can be the first to comment on this story.

previousnext

Latest comments

I would rather support class guys like this than win a championship......any...

Obviously BOTH side's fans get out of control sometimes. Anyone who's in...

Letters: Hatred goes 2 ways

As was posted yesterday, where is the evidence? I am sure this could have...

need to handle their own public relations. Those opposed to Islamist...

How did we go from an article about people considering the needs of their...

Re: Easily solved The only talk about a Pac 10 expansion is by Utah fans!

Those jerseys are sick. The note is classic, bringing it back would ruin it.

Nutty Putty Cave to be sealed today

This situation is the same as the Y Mountain cave closing a few years ago...

When I saw the title of this piece, I thought it was going to be about...

Editorial: Don't gamble with your life

In my family, the addictive behaviors seem to migrate from tobacco, to drugs...

Advertisements