The properties included in the sale are: the 794,104-sf Almeda Mall in Houston; Northwest Mall in Houston, 794,104 sf; the one-million-sf Eastland Mall in Charlotte, NC; Montgomery Mall in Montgomery, AL, 726,883 sf; and the 1.3-million-sf University Mall in Tampa, FL.
President and CEO Michael Glimcher says the company expects to redeploy the sales into redevelopments and "acquisition of new higher income growth assets and selective ground-up development of premium retail properties."
This may include the company's most recent announcement of a joint venture with the Wolff Co. and Vanguard City Home to develop Scottsdale Crossing. The $200-million project, which will be located in Scottsdale, AZ, will include approximately 650,000 sf of retail and office space.
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