General Growth Scores Contracts

CHICAGO-General Growth Properties, Inc., the nation’s second largest owner and developer of regional shopping malls, has scored two key contracts to manage, lease and market malls in Iowa and Tennessee.

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.