GGP says its new joint venture with TRS, GGP-TRS LLC, acquired four enclosed regional malls valued at $634 million including $412 million of non-recourse mortgage loans. It did not break down the cost of acquiring each mall.
In addition to Clackamas, the join venture acquired Galleria at Tyler in Riverside, Calif.; Kenwood Towne Centre in Cincinnati, Ohio; and Silver City Galleria in Taunton, Mass. Averaging the four malls, sales are approximately $408 per square foot and occupancy is approximately 86%.
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