General Growth paid $22 million in cash and assumed a $50-million existing loan at 6.5% fixed interest, according to the company's prepared statement. The loan matures in January 2005.
The enclosed regional mall was completed in 1982 and is 94% leased. Anchors are Dillard's, Sears, JC Penney, McRae's and Mervyns. There is also a 10-screen cinema and 354,000 sf of available retail space.
The property is expected to generate $7.4 million in net operating income over the next 12 months. The center produces estimated sales of $301 per sf.
John Bucksbaum, chief executive officer of General Growth, says in the statement he expects new Pecanland Mall activity to be spurred by volume at nearby Mall St. Vincent and Pierre Bosseir Mall in Shreveport, LA, both owned by General Growth.
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