Glendale Galleria Purchased
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General Growth Properties Inc. said Wednesday that it has completed its $415-million purchase of the Glendale Galleria shopping mall, and also bought a San Francisco Bay Area mall for $89 million.
The dual purchase gives the second-largest U.S. mall owner strong flagship properties in California.
The Galleria, whose tenants include Macy’s, Nordstrom and JC Penney, generates annual retail sales per square foot of $525, about 60% above the industry average.
General Growth also bought Southland Mall in Hayward, Calif., which it managed before the acquisition, said Beth Coronelli, a company spokeswoman. Developed in 1964, the 1.3-million-square-foot mall has been expanded and renovated. It is the second-largest enclosed regional mall in San Francisco’s East Bay.
Chicago-based General Growth, which has 169 regional malls in 41 states, has helped lead a consolidation in the U.S. mall business as landlords jockey for the best properties to gain leverage in negotiating leases with retailers.
During the 1990s, General Growth bought $7 billion worth of malls.
General Growth bought Glendale Galleria in a 50-50 joint venture with the New York State Common Retirement Fund.
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