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Bayside Marketplace Goes Up for Sale

MIAMI-General Growth is also open to a joint venture partnership for the 310,000-square-foot center.

By Paola Iuspa-Abbott | Updated on March 02, 2009

(This story, in slightly different form, originally appeared in Incisive Media’s Daily Business Review.)

MIAMI-Tourists snapping pictures and buying caramel roasted peanuts at Miami’s Bayside Marketplace don’t realize it, but the waterfront property is a symbol of its owner’s dire financial condition. The 310,000-square-foot open-air retail center has been put up for sale as part of General Growth Properties’ rush to raise cash.

Chicago-based GGP, a publicly traded real estate investment trust, is drowning in debt it took on to expand over the last decade. Now, it is selling off chunks of its portfolio, including the landmark property south of AmericanAirlines Arena in Downtown Miami.

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