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Willowbrook Mall Fetches $144.9 Mil

HOUSTON-The 1.53-million sf Willowbrook Mall has changed hands, falling into a joint venture portfolio of General Growth Properties and the New York State Common Retirement Fund. The mall has brought in $144.9 million for the pension fund seller.

By Jennifer Brenner Andrade | Updated on March 23, 2001

HOUSTON-The 1.53-million sf Willowbrook Mall in northwest Houston has been sold for an aggregate of $144.9 million.

The mall, located at the intersection of FM 1960 and Texas 249, has been bought Chicago-based General Growth Properties Inc.’s joint venture, GGP/Homart II LLC, with the New York State Common Retirement Fund. The seller is a pension account managed by Lend Lease Real Estate Investments Inc.

The mall had been built in 1981 and remodeled in 1992. It has 423,000 sf of shopping space and is 92.5% occupied. Dillards, Foleys, JCPenney, Lord & Taylor and Sears are the anchors, with sales averaging about $430 per sf. The May Co. is considering setting up shop in a vacant Montgomery Ward store, one of 13 it plans to buy from the bankrupt chain.

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