Under agreements signed with California-based Heritage Associates Corp. and Somera Capital Management, General Growth's third party management division will oversee Heritage's 854,000-sf Westdale Mall in Cedar Rapids, IA and the 530,400-sf Fort McHenry Mall in Kingsport, TN, operated by Somera.

The malls are among more than 200 regional shopping malls totaling approximately 200 million sf that General Growth Properties either owns or manages in 44 states. The head of the firm's third party management division could not be reached by GSR to discuss terms of the management arrangement. David Keating, director of corporate communications for the locally based company, says that General Growth usually takes a "90-days 'get-your-arms-around the property' strategy" with any new management responsibilities.

Built in 1979, the Westdale Mall is anchored by JC Penney, Steve & Barry's University Sportswear, Von Mauer and Younkers and counts among its tenants a mix of regional and national retailers. The Fort Henry Mall, which was constructed three years earlier, is anchored by Sears, JC Penney, and Belk, along with 65 other smaller national chains and local tenants.