The Illinois-based REIT paid Jim Wilson Associates Inc. of Montgomery, AL $87.6 million or $106.82 per sf for the 92% leased property near the Fort Benning, GA military base, 100 miles south of Downtown Atlanta. Dillards, Parisian, JCPenney and Rich's-Macy's anchor the 1975-built center which was renovated and expanded in 1985 and 1993.

The property includes an eight-screen Carmike theater and a 12,600-sf convenience center. Inline specialty retail space comprises about 265,000 sf.

Peachtree Mall is posting sales of about $340 per sf, General Growth CEO John Bucksbaum says in a prepared statement. "Peachtree Mall is the dominant retail destination within a 100-mile trade area, located south of Atlanta," he says. The trade area is bolstered by the 30,000 personnel at Fort Benning and a permanent Columbus resident population of 622,629, according to the Web site of Jim Wilson Associates. The average family household income is $53,411. Households total 227,233.