Archive for the 'malls' Category

Would YOU Buy These GGP Malls?

We’ve been a little slow to report that General Growth is marketing three trophy properties in its portfolio that were originally acquired from the Rouse Co. The assets, being marketed by DTZ Rockwood, are Faneuil Hall in Boston; South Street Seaport in Manhattan and Harborplace and the Gallery in Baltimore.

We’ve been intrigued by the prospects of these three centers going to market because of their civic significance in each locale.
Continue reading ‘Would YOU Buy These GGP Malls?’


Target Not Biting? Why Not Buy GGP?

After proposing that Target’s real estate gets folded into a REIT and getting rejected, Pershing Square Capital Management has now turned its sights to General Growth Properties.

The website-less fund, managed by William Ackman, has now apparently acquired a 20% interest in the mall owner. In a Bloomberg article, Merrill Lynch analysts say it “is the first sign that any investor has expressed a strong interest in the company or sees significant value beyond the mountain of debt.”
Continue reading ‘Target Not Biting? Why Not Buy GGP?’

Restaurants Prepare for a Tough Holiday

As retail centers brace for slower holiday traffic, so are their eatery tenants, says this WSJ article.

Sure, what chains aren’t suffering, restaurants or not? But one analyst, Oppenheimer & Co.’s Matthew DiFrisco points out something we hadn’t fully considered: “They live off the flow of traffic going to lifestyle centers and malls, and are trying to intercept you while you’re out shopping.”
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At Least Taubman Has a Good Attitude

Mall owner Taubman Centers recently put out its annual Black Friday survey, and it almost sounds hopeful. About 8,000 people responded to the online poll at its malls’ websites, and nowhere is there mention of a recession.

While only 9% said they would spend more than last year’s Black Friday, an impressive 60% said they planned to spend the same amount. On average people will spend $400 on the biggest holiday shopping day, while 42% said they’d continue to shop through the rest of the weekend.
Continue reading ‘At Least Taubman Has a Good Attitude’

General Growth: It’s Weird How Things Change

What’s going on with General Growth Properties is only a small part of this now global financial crisis we’re facing. But the situation has certainly made us reflect.

Sure, plenty of people were skeptical of the $13-billion acquisition of the Rouse Co. in 2004, especially with the amount of debt attached to the deal and Rouse’s portfolio of master-planned assets, a non-core property type for GGP. But did anyone expect it would come to the resignation of CEO John Bucksbaum and the intention to sell its dazzling Vegas portfolio?
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General Growth: A Good Time to Sell?

The news that mall-owner General Growth Properties is looking to sell off its assets isn’t surprising, given its highly publicized debt issues. We’ve also heard rumors that the REIT has had layoffs at its Chicago headquarters.

But is now the best time for the company to try to do this with all of the financial turmoil going on?
Continue reading ‘General Growth: A Good Time to Sell?’

Mall of the Marijuanas

It seems as though there was a small fortune in pot growing at Mall of the Americas in Miami. Check out this dazzling report.

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December 2018
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