It's not an existing, developed mall property so common in the company's portfolio, but rather a 650-acre industrial R&D campus that had been slated for mixed-use redevelopment. GGP has quietly hired Grubb & Ellis to find a buyer for the property, which contains some 450,000 square feet of R&D and administrative buildings. Ben Shapiro, SVP in that firm's Edison office, is heading the assignment.
GGP inherited the property in 2004 when it acquired the Rouse Co. The latter had purchased the campus in June of that year for just $35 million from pharma giant Wyeth, which itself had picked up the former American Cyanamid agricultural research campus in 2002. Just six weeks after Rouse closed on the property, Rouse agreed to be acquired by GGP.
"When Rouse purchased the property, it was their intent to develop it into a multitude of different uses that would be anchored by a regional mall," Shapiro tells GlobeSt.com. "General Growth's vision remained the same, and in fact they hired the team from Rouse that had acquired this site."
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