General Growth To Manage the Shops at Georgetown

WASHINGTON, DC-General Growth Properties Inc. will be managing the Shops at Georgetown Park, a four-story, 317,000-sf marquee mall in the heart of Georgetown that traded in March for $84 million, as reported in GlobeSt.com . Other responsibilities the Chicago-based firm will assume include marketing and leasing and otherwise supporting the mall’s upcoming redevelopment.

The buyers are a joint venture between Western Development Co.–which originally developed the mall 25 years ago–and Capmark Finance Inc. A redevelopment and at least partial re-tenanting strategy appeared, at the time, to be among the buyers’ favored options to add value to their new acquisition. Herbert Miller, chairman of Western Development, said there were plans to expand the mall with an upscale retail tenant.