CHICAGO, June 17 /PRNewswire-FirstCall/ -- General Growth Properties, Inc.
(NYSE: GGP), the country's second largest owner, developer and manager of
shopping malls, announced today it has been awarded the management, leasing
and marketing contracts for nine regional shopping malls owned by different
institutional investors. The nine malls, located in seven states, are
comprised of approximately 7,000,000 square feet of gross leasable space.
General Growth Properties' Third Party Mall Management division totals
approximately 40,000,000 square feet of gross leasable space and covers 25
states.
"GGP has the resources dedicated exclusively to the interests of third
party mall owners, who benefit directly from the tools and methodologies we
use to manage, market and redevelop our own properties," said Libby Lassiter,
Senior Vice President.
The newly added GGP Third Party Management malls include: Fiesta Mall
(Mesa, AZ), The Hanover Mall (Hanover, MA), Stratford Square Mall
(Bloomingdale, IL), Garden City Center (Cranston, RI), Sandburg Mall
(Galesburg, IL), Marquette Mall (Michigan City, IN), Auburn Mall (Auburn, ME),
Adrian Mall (Adrian, MI) and Ford City Mall (Chicago, IL). The number of
malls managed by General Growth's Third Party Management Division has grown to
49, representing a net gain of six management contracts in the first half of
this year.
"General Growth prides itself on being the premier third party mall
manager in the industry with a reputation for maximizing asset value," said
Lassiter. "We're looking forward to working with the current mall teams in
enhancing each mall's merchandise mix, customer traffic and overall retail
sales. Many of the markets where these centers are located possess
similarities to existing properties we manage in other secondary and major
markets. We will capitalize on this experience as we formulate new strategies
for these centers."
General Growth Properties is the country's second largest shopping center
owner, developer and manager of regional shopping malls. General Growth
currently has ownership interest in, or management responsibility for, a
portfolio of 146 regional shopping malls in 40 states. The company portfolio
totals approximately 135,000,000 square feet of retail space and includes over
15,000 retailers nationwide. A publicly traded Real Estate Investment Trust
(REIT), General Growth Properties is listed on the New York Stock Exchange
under the symbol GGP. For more information on General Growth Properties and
its portfolio of malls, please visit the company web site at
http://www.generalgrowth.com .
Digital photos upon request.
SOURCE General Growth Properties, Inc.
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Related links:
http://www.generalgrowth.com
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CONTACT:
David Keating, Manager, Media and Consumer
Relations, of General Growth Properties, Inc., +1-312-960-6325,
fax, +1-312-960-5484
CNOC: http://www.prnewswire.com/gh/cnoc/comp/110740.html
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