Search
 

General Growth Buys Pecanland Mall for $72M

ATLANTA-The Chicago firm paid $22 million in cash or $73.17 per sf and assumed a $50-million mortgage at 6.5% interest on the single-level, 984,000-sf enclosed mall in Monroe, LA. The 20-year-old center is 94% leased and anchored by Dillard's, Sears, JC Penney, McRae's, and Mervyns.

By Marita Thomas | Updated on September 16, 2002

ATLANTA-Chicago-based General Growth Properties has purchased the 984,000-sf Pecanland Mall in Monroe, LA from locally based Pecanland Mall Holdings LLC. The aggregate price is $72 million or about $73.17 per sf.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.