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GGP Buys 1.3M-SF Southland Mall for $89M

HAYWARD, CA-General Growth Properties Inc. acquires a mall anchored by Macy's, Sears, JCPenney, and Mervyn's. The company expects the property to produce approximately $9 million of net operating income in calendar year 2003.

By Michelle Savage | Updated on December 05, 2002

HAYWARD, CA-General Growth Properties Inc. has purchased for $89 million the 1.3-million-sf Southland Mall, the second largest enclosed regional mall in the East Bay area. Anchor tenants include Macy’s, Sears, JC Penney and Mervyn’s.

General Growth Properties, a shopping center owner, developer and manager, acquired 100% interest in the mall from an institutional joint venture whose name was not released. General Growth already managed Southland through its third party management subsidiary.

The purchase was financed with about $24 million of cash and a new five-year $65 million mortgage loan that bears interest at LIBOR plus 75 basis points. The company expects the property to produce approximately $9 million of net operating income in calendar year 2003.

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