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General Growth Spends $249M at Two Centers

CHICAGO-The second-largest US retail REIT buys 100% of the 1.2-million-sf Four Seasons Town Centre in Greensboro, NC as well as the 50% interest in the 1.4-million-sf Town East Mall in Mesquite, TX that it did not own.

By Mark Ruda | Updated on March 10, 2004

CHICAGO-General Growth Properties has closed two deals this week, buying the 1.2-million-sf Four Seasons Town Centre in Greensboro, NC as well as the 50% interest in the 1.4-million-sf Town East Mall in Mesquite, TX that it did not own. The deals cost the second-largest US retail REIT $249 million.

With $19.2 million in net operating income expected during the next 12 months, the deals were at a capitalization rate of 7.7%. General Growth Properties buys Four Seasons Town Centre from the Koury Corp. with occupancy at 91.1% and sales averaging $345 per sf. London-based Grosvenor Americas Sponsored Partnership sold the remaining 50% interest in Town East Mall, where occupancy stands at 90.2% and sales at $340 per sf.

Dillard’s and JCPenney are anchors at both centers. Built in 1974 and renovated in 2000, Four Seasons Town Centre also includes a Belk’s as an anchor. The 33-year-old Town East Mall, renovated twice in the 1990s, also includes Sears and Foley’s as anchors.

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