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Mark Gilbert on Last Week's Poll

'I think they'll be able to work things out with their current lenders and extend loans until there is more stability in the capital markets.'

By Crystal Proenza | Updated on October 20, 2008

WILL GENERAL GROWTH PROPERTIES FIND A BUYER FOR ITS MALLS?

Last week’s GlobeSt.com Quick Poll asked readers if Chicago-based General Growth Properties would find a buyer for its malls in an effort to pay down $4 billion in outstanding debt through next year. The publicly traded REIT owns, develops, operates and/or manages malls in Florida and 43 other states. A total of 43% of voters responded that the attractive properties would sell, while 39% said they would not sell in this economy, and 18% of respondents said the REIT would end up not having to sell. According to its website, General Growth owns 14 malls throughout the Sunshine State. Mark Gilbert, executive vice president of Cushman & Wakefield’s capital markets group, is familiar with the sale of regional malls and retail centers statewide and shares his opinion about the sale with GlobeSt.com:

“I think they’ll be able to work things out with their current lenders and extend loans until there is more stability in the capital markets. They need to deal with near-term loan expirations in a prudent fashion.

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