TRAVERSE CITY, MI-For its first purchase following the split with Chicago-based General Growth Properties, New York City-based Rouse Properties has purchased Grand Traverse Mall here for $66 million. The 85%-occupied, 590,000-square-foot mall had been owned by GGP, but was transferred to lenders last year.

The property is anchored by Macy’s, J.C. Penney and Target. GE Commercial Mortgage Corp. has been holder of the $85 million note on the property, and the lender had hired San Diego-based Trigild in October to manage and sell the mall. Included in the Rouse payment is the assumption of a restructured and discounted $62 million, five-year non-recourse loan at a 5.02% interest rate.

Rouse said in a statement late Tuesday that the 20-year-old mall has sales of $300 per square foot, and includes other popular retailers such as Aeropostale, Victoria’s Secret, Bath and Body Works and American Eagle Outfitters. Andrew Silberfein, president and CEO of Rouse, said the mall is being attained at an attractive cap rate, and is the only enclosed mall within a 100-mile radius. The property serves one of Michigan’s largest tourist areas along Lake Michigan, in the northern, forested part of the state.