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Rouse Takes Over Discounted Note for Grand Traverse Mall

TRAVERSE CITY, MI-This is the first purchase for the new REIT, spun off from Chicago-based General Growth Properties in January.

By Robert Carr | Updated on February 22, 2012

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.

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