Bankrupt firm plans $11.6M in bonuses Oct 8, 2009
General Growth Properties Inc. has asked for court permission to pay as much as $11 ... Ala Moana Center is owned by General Growth Properties, which is under bankruptcy protection and whose executives now want millions of dollars in bonuses. (Honolulu Advertiser)
Bidders snap up Nouvelle at Natick condos Oct 6, 2009
After potential buyers' interest in the condos took a nosedive during the collapse of the real estate market, the financially troubled developer of Nouvelle at Natick, General Growth Properties, sought a way to unload the properties at drastically reduced rates, as well as bolster customer interest. Michael Yee, 33, who rents an apartment in Brighton and works at EMC in Hopkinton, saved 44 percent on a one-bedroom condo with a winning bid of $281,000. (Framingham TAB, MA)
55 condos at Natick mall sold at auction Oct 5, 2009
In recent months, the developer, General Growth Properties, has declared bankruptcy and had been slapped with liens by contractors who are owed money for work at Nouvelle ... He said that although the auction prices might not be ideal for General Growth Properties, the discounted prices were necessary to get the condos sold. (Boston Globe)
The Looming Crisis in Commercial Real Estate Oct 4, 2009
The alternative is last week's bankruptcy of General Growth Properties, the nation's second largest shopping-center group, which could not refinance, even though many of its properties have positive cash flow. Most mortgages for commercial real estate office and apartment buildings, hotels, industrial warehouses and shopping malls are structured as 5-to-10-year loans. (Time.com)
New Urbanism or New Mall-ism? Oct 2, 2009
Last April, General Growth Properties (GGP) which acquired Rouse s company in 2004 and is the country s second largest mall-owner declared bankruptcy. Websites like deadmalls. (The American Conservative)
Foley Recruit to Expand N.Y. Bankruptcy Practice Oct 2, 2009
He said he brought over "the majority of my practice, which includes a significant number of national cases." Spelfogel said he will continue to represent client Wilmington Trust Corp. in the Chapter 11 proceeding for General Growth Properties Inc., and in matters arising out of the August seizure of Guaranty Bank in Austin, Texas. Spelfogel said he will be hiring new lawyers to the practice at the associate and partner level "in a relatively short period of time." Foley has in recent months... (Law.com)
MALL LOSES RESTAURANT Sep 23, 2009
The Pines owner, General Growth Properties, also filed for Chapter 11 bankruptcy protection in April. In July, White reported that the mall had added a new tenant Wilkerson s Gold Buying Center and was continuing efforts to recruit more tenants. (Pine Bluff Commercial, AR)
Mall magnate, Pacers co-owner Mel Simon dies at 82 Sep 18, 2009
But Simon has fared better than others, notably rival General Growth Properties Inc., which filed for bankruptcy protection in April. Simon has raised more than $1. (San Francisco Chronicle -- Business)
Real Estate Recovery Won't Reap More Than 2004 Prices, Simon Property Says Sep 16, 2009
The company is monitoring the bankruptcy filing of its largest rival, General Growth Properties Inc., and may try to buy properties from the Chicago-based mall owner, he said. Occupancy at Simons regional malls declined to 90. (Bloomberg -- US)
General Growth Properties and TLC's "What Not to Wear" Join Forces to Educate and Empower Shoppers for the Fall Season Sep 16, 2009
Source: General Growth Properties, Inc. ... CHICAGO--(BUSINESS WIRE)--This fall, shopping center developer General Growth Properties, Inc. (GGP) is not only focusing on adding greater value to consumers shopping experiences, but also adding greater value to their purchases ... said Wally Brewster, senior vice president, Marketing nications, General Growth Properties. (Yahoo! Wire -- Entertainment News)
WE Rings Up Multiplatform Support For Second Season Of Tutera Series Sep 15, 2009
In addition, WE tv has partnered with General Growth Properties (GGP), the nations second largest owner, developer and manager of regional shopping centers, on a three-city mall tour that will be sponsored by Kodak and feature Tutera, along with prominent retailers Godiva Chocolatier, Pottery Barn, Swarovski and Williams-Sonoma. Tutera will focus his demonstrations on centerpieces, favors, table settings, accessories, and will demonstrate how to capture those memorable moments. (Multichannel News)
WE tv Rolls Out National Marketing Campaign to Ring in Season Two Premiere of Popular Wedding Makeover Series, "My Fair Wedding with David Tutera" Sep 15, 2009
Source: General Growth Properties, Inc. ... In addition, WE tv has partnered with General Growth Properties (GGP), the nations second largest owner, developer and manager of regional shopping centers, on a three-city mall tour which will be sponsored by Kodak and that will feature David Tutera along with prominent retailers Godiva Chocolatier, Pottery Barn, Swarovski and Williams-Sonoma ... General Growth Properties, Inc. currently has ownership interest in, or management responsibility for,... (Yahoo! Wire -- Entertainment News)
State clears way for Longview Wye retail project Sep 12, 2009
" reasonable1 wrote on Sep 11, 2009 9:45 AM:" How many jobs will be lost if Three Rivers fails (which General Growth Properties is already doing) ... " Mean what you say, say what you mean wrote on Sep 11, 2009 12:10 PM:" " How many jobs will be lost if Three Rivers fails (which General Growth Properties is already doing)? About six. That acreage just begs for something like Dave & Busters or another big draw that prople would drive 40 miles to visit. Mini-Sears, Mini-Penneys, Mini-Macys are not... (Longview Daily News, WA)
Luxury condos at mall up for auction Sep 10, 2009
Bankrupt mall operator General Growth Properties is planning to auction off more than 40 high-end condominiums attached to the upscale Natick Collection with minimum bids starting at $160,000, about 70 percent below previous asking prices. The 215-unit project, known as Nouvelle at Natick, opened last year and was supposed to usher in a new era of suburban living - marrying shopping and luxury - without the hassles and high prices of the city. (Boston Globe)
Whole Foods Market will delay opening Sep 8, 2009
It's the second time in two years that the anticipated opening has been held up because of construction delays by the owner of Ward Centers, General Growth Properties ... Whole Foods at Ward has revised its estimated opening date again because of bankruptcy-related construction delays by General Growth Properties. (Honolulu Advertiser)
Collin Creek Mall open Labor Day Sep 7, 2009
Collin Creek Mall is owned and/or managed by General Growth Properties, Inc. The company currently has ownership interest in, or management responsibility for, more than 200 regional shopping malls in 44 states, as well as ownership in master-planned community developments and commercial office buildings. The companys portfolio totals approximately 200 million square feet of retail space and includes more than 24,000 retail stores nationwide. (McKinney Courier-Gazette, TX)
The Skyscraper That Ate a Billion Dollars Sep 6, 2009
General Growth Properties, a pioneer of the shopping mall that carried $27 billion in debt. From its completion in 1975 until 2003, the Hancock Tower was owned by life-insurer John Hancock. (Slate)
Kaka'ako moves toward a vibrant future Sep 5, 2009
There is hope that what will emerge is a neighborhood that will complement the retail and highrise residential projects envisioned in the adjacent General Growth Properties master plan. Kaiaulu would comprise a mix of educational/industrial elements the long-stalled "life sciences" complex is at one end with affordable and market-priced homes, as well as a range of markets, cafes and small businesses. (Honolulu Advertiser)
Kakaako high-rise development plan approved by state Sep 4, 2009
The HCDA in January approved a similar application from General Growth Properties to redevelop 60 acres under its Ward Centers shopping complex into a dense urban village of largely residences and retail that could include 20 high-rise buildings. Yesterday, about a dozen supporters turned out to encourage agency board members to approve the Kamehameha plan, which forecasts creating 5,466 full-time jobs at full buildout in addition to roughly 9,000 temporary construction jobs. (Honolulu Advertiser)
Forever 21 planned for North Star Mall Sep 1, 2009
General Growth Properties has ownership interests in, or management responsibility for, more than 200 regional shopping malls in 44 states. Reader Comments. (San Antonio Business Journal, TX)
It's Ala Moana's 50th birthday Aug 14, 2009
But mall owner General Growth Properties is giving away 1,959 candy bars, five of which will have a coupon for a $250 mall gift card ... 1999: General Growth Properties, the Chicago company managing the mall, buys the property for $810 million. (Honolulu Advertiser)
6 common shopping traps -- how to avoid them Aug 14, 2009
" 4. A bad mood can cost you That's what new research suggests. Jennifer Lerner, Ph.D, director of the Emotion and Decision Making Group at Harvard's John F. Kennedy School of Government, had participants view either a sad video (a clip from "The Champ," in which a boy cries at the side of his dying father) or an emotionally neutral one (about the Great Barrier Reef). Afterward, she asked how much they'd be willing to spend on a sporty water bottle. Those who watched the poignant film offered... (CNN)
Bankruptcy judge ruling favors Waterbury mall parent Aug 13, 2009
General Growth Properties Inc., owner of the Brass Mill Center mall in Waterbury, said this week a bankruptcy judge denied a motion by a group of lenders to keep some of its subsidiaries out of bankruptcy. The lenders, led by ING Clarion Capital Loan Services, argued that some of the company's malls were financially stable and did not need to seek Chapter 11 protection. (Republican-American)
Vista Ridge Mall to extend hours for tax free weekend Aug 12, 2009
To be certain that shoppers can take full advantage of the Texas Sales Tax Holiday, Vista Ridge Mall, owned by General Growth Properties (GGP), is extending its hours, opening earlier and closing later all three days during the weekend ... Vista Ridge Mall is owned and/or managed by General Growth Properties, Inc. The Company currently has ownership interest in, or management responsibility for more than 200 regional shopping malls in 44 states, as well as ownership in master planned community... (McKinney Courier-Gazette, TX)
Lenders seek foreclosure sale of General Growth Mainland mall Aug 12, 2009
Lenders filed a motion in U.S. bankruptcy court seeking to force a foreclosure sale of a Mainland property owned by one of General Growth Properties Inc.'s subsidiaries, Bloomberg News Service reported today. Citicorp North America Inc. filed the motion in U.S. Bankruptcy Court in Manhattan, asking for permission to proceed with the foreclosure sale of the Oakwood Mall in Gretna, Louisiana. (Honolulu Advertiser)
Can Half-Built Elk Grove Mall Be Salvaged? Aug 8, 2009
In April, the mall owner, General Growth Properties, filed for the largest real estate bankruptcy in U.S. history. "We should be considering options that we have as far as mixed-use project, high-use residential, commercial, entertainment. I think the face of retail is changing, so we don't know that the mall that was originally planned will be built," Elk Grove Mayor Pat Hume said. (KCRA 3, CA)
Property shake-up as Centro and GPT face home truths Aug 7, 2009
He said he had no other jobs, although he is a director of US-based General Growth Properties. Centro has engaged international recruitment agency Egon Zehnder to search for a new chief executive. (Sydney Morning Herald -- Business)
Capital 4 Theaters going dark for good Aug 7, 2009
Wilkins said Goodrich had no problems with the mall manager, General Growth Properties. The theaters lease expires in a few months. (Jefferson City News Tribune, MO)
Simon Property Joins Duke Realty in Debt Sales as Credit Eases for REITs Aug 7, 2009
Chief Financial Officer has expressed interest in properties belonging to Chicago-based General Growth Properties Inc., which filed the largest U.S. real estate bankruptcy April 16. General Growth, the owner of more than 200 regional shopping malls in 44 states, was trying to sell properties including Bostons Faneuil Hall and New Yorks South Street Seaport when it filed for bankruptcy protection. (Bloomberg -- US)
General Growth Retail Net Operating Income Falls Aug 5, 2009
NEW YORK (Reuters) - General Growth Properties Inc , the large U.S. mall operator that filed for bankruptcy in April, on Tuesday reported a 2. 1 percent decline in quarterly net operating income from its retail properties, citing weakness in the economy and falling occupancy rates. (ABC News -- Wire)
In brief: Goettsch Partners | Ventas | General Growth Aug 1, 2009
General Growth Properties Inc. has asked a Bankruptcy Court judge to cancel its lease for 6,648 square feet of office space at 230 W. Monroe St. in the Loop. The mall owner pays about $130,300, or $19. (Crain's Chicago Business)
Commercial real estate sales slide Aug 1, 2009
One example is General Growth Properties, which is in bankruptcy and owns Ala Moana Center and Ward Centers on O'ahu, Prince Kuhio Plaza on the Big Island and Whalers Village on Maui. The Chicago-based company has said it will consider selling assets. (Honolulu Advertiser)
Trader Joes headed to former World Market site in Minnetonka Jul 31, 2009
The Minnetonka city council approved that plan, but when the owner of the mall, Chicago-based General Growth Properties Inc., filed for Chapter 11 bankruptcy protection. Monrovia, Calif. (Twin Cities Business Journal, MN)
Skaters rally to protest shop's exit from Three Rivers Mall Jul 29, 2009
General Growth Properties, which owns the mall, handles the lease negotiations, he said ... When General Growth Properties asked Tessier to renew Munition s lease, Tessier responded that he was thinking of moving out because there wasn t enough money to be made in the mall ... General Growth Properties, which owns the mall, handles the lease negotiations, he said. (Longview Daily News, WA)
REIT Investors Move From Fear to Fundamentals Jul 27, 2009
While the first-quarter earnings season was wracked by fears about who would follow mall owner General Growth Properties Inc into bankruptcy, second-quarter reports will likely be dominated by talk about real estate fundamentals -- rent rates and occupancy levels -- as well as some hints about moving on and growing. "I think that initial widespread fears that you're going to have (more of) these types of GGP-type blow-ups have left the building," Green Street senior analyst Andy McCulloch said. (ABC News -- Wire)
In brief: Billabong coming | Sheldon Good moving | Inland American sues Jul 25, 2009
The company has leased 3,700 square feet on the fourth level of the vertical mall, according to a news release from Chicago-based General Growth Properties Inc., which owns the center at 845 N. Michigan Ave. Sources say Billabong, which has 13 U.S. stores in six states, dropped tentative plans to open a much larger flagship store in the former Carson Pirie Scott tore on State Street, but is still considering a location in the new mall thats being built nearby at Block 37. An executive with... (Crain's Chicago Business)
THE PINES LANDS NEW TENANT, GETS MAINTENANCE FUNDS APPROVAL FROM BANKRUPTCY COURT Jul 25, 2009
As far as owner General Growth Properties bankruptcy proceedings, White said the U.S. Bankruptcy Court, Southern District of New York had approved the release of in excess of 100,000 to perform maintenance on the property. You ll see some painting going on, refinishing the benches, roof repairs, she said, adding that the work will be done during the fourth quarter. (Pine Bluff Commercial, AR)
Evaluating metro Atlanta’s other malls Jul 25, 2009
Perimeter Mall (1971) (General Growth Properties), Perimeter ... Cumberland Mall (1973) (General Growth Properties), Marietta ... Southlake Mall (1976) (General Growth Properties), Morrow. (Atlanta Journal-Constitution -- Business)
CDS investors hold the cards Jul 23, 2009
Credit default swaps, which are being scrutinised for their possible role in several Chapter 11 bankruptcy protection filings, including those of AbitibiBowater, General Growth Properties and General Motors, are complicating debt restructurings that are using bond exchange offers. Every time an exchange offer fails or there is a low participation rate, it is because of the CDS, says one financier at Citigroup who has worked on such offers. (FT.com -- Markets)
ENTREPRENEURSHIP GROUP TO WORK ON RETAIL OPPORTUNITIES Jul 15, 2009
Other suggestions included posting Pine Bluff s retail analysis online so that merchants have easy access to information about the city, working with The Pines mall owner General Growth Properties to recruit new businesses there and working to bring restaurants that offer local cuisine downtown to create a regional draw. . (Pine Bluff Commercial, AR)
Lingle vetoes bill to increase affordable-housing requirement Jul 14, 2009
Two large developers, General Growth Properties and Kamehameha Schools, expect to build as many as 7,000 residential units in Kaka'ako. The developers estimate that 20 percent, or about 1,400 units, must be set aside as affordable. (Honolulu Advertiser)
Struggling Valley retailers pursue rent relief Jul 12, 2009
Earlier this year, General Growth Properties, owner of the Arizona Center in downtown Phoenix and the Tucson Mall in Tucson, filed for Chapter 11 bankruptcy reorganization. Many retail developers are heavily in debt after a decade-long building boom and unable to refinance their loans. (AZCentral -- Business)
In brief: General Growth | Prime Group | Chick-fil-A Jul 11, 2009
Glenn Rufrano, CEO of Australian mall owner Centro Properties Group, has been named to the board of General Growth Properties Inc. Mr. Rufranos appointment increases General Growths board to nine members. Glenns CEO and restructuring experience combined with his regional shopping mall expertise will be invaluable to (General Growth) as we continue to develop the companys plan to emerge from bankruptcy, General Growth CEO Adam Metz said in a statement. (Crain's Chicago Business)
Defaults on commercial real estate accelerate Jul 10, 2009
In April, the second-largest owner of shopping malls in the nation, General Growth Properties Inc., buckled under $27 billion in debt and filed for Chapter 11 bankruptcy protection. And GE Capital, the financial arm of the conglomerate General Electric Co., has seen its profits from commercial real estate snuffed out recent quarters. (MSNBC -- Business)
Business sizzles with $6 beef plates Jul 5, 2009
He said he leased a majority of his early locations from General Growth Properties. More recently, he has worked with several other leasing companies including Colliers. (Honolulu Advertiser)
Arizona Center sees boost in business Jul 2, 2009
In April, Arizona Center's parent company, General Growth Properties Inc., filed for Chapter 11 bankruptcy ... Source: General Growth Properties Inc.. (AZCentral -- News)
Judge puts off decision in Hilo Hattie case Jun 30, 2009
Maui Divers plan had the support of the committee of unsecured creditors, and an attorney for General Growth Properties, which is the landlord for two of its stores, said the company had worked out a deal for the leases at Ala Moana Center and Prince Kuhio Plaza in Hilo. Maui Divers had not reached agreement with the landlords of its five other stores, saying the landlords would not agree to a deal until they knew whether Maui Divers would become Hilo Hattie s new owner. (Pacific Business News, HI)
Simon Property to manage the Galleria Jun 25, 2009
At the time, there was speculation that Simon Property, which owns or has a stake in nearly 400 malls, may be a potential bidder to manage the Galleria Dallas with the mall s previous manager General Growth Properties filing for bankruptcy earlier this year. Simon Property Group is already involved in shopping centers such as Grapevine Mills, Allen Premium Outlets, Irving Mall and Firewheel Town Center in Garland. (Dallas Business Journal, TX)
CDSs and bankruptcy: No empty threat Jun 24, 2009
Already the bankruptcies of AbitibiBowater, a paper manufacturer, and General Growth Properties, a property investor, in mid-April have been blamed on bondholders with unusual economic exposures. Some also suspect that CDS contracts played a role in General Motors filing earlier this month. (The Economist)
Fluid Music Canada's Trusonic(R) Chosen as a Provider of Music and Messaging to Certain Mall Sites Across America Jun 23, 2009
"About TrusonicAs the leading provider of internet delivered business audio services, Trusonic provides custom music and messaging to retail, hospitality and general business environments in over 100 countries. Many of the largest chains and boutique brands in the world trust Trusonic to enhance their brand image at their locations. Trusonic has the largest library of Major Label and Directly Licensed Artist music from which to create custom music programming for its clients. Trusonic has... (Yahoo! Wire -- Entertainment News)
Speculative gamesstage comeback Jun 17, 2009
CDS were used to accelerate the bankruptcies of General Growth Properties and Abitibi-Bowater within the past few months and played a significant and negative role in the prolonged restructuring of General Motors. Now a small house, Amherst Holdings, has beaten the Wall Street titans at their own horrid game, according to the Wall Street Journal. (Asia Times Online)
Opal Fields to open at Ala Moana Jun 6, 2009
The lease deal was approved by General Growth Properties, which owns both Ala Moana and Ward Centers. The new Opal Fields store will be about 1,100 square feet, slightly larger than the 1,000-square-foot Ward Warehouse location. (Honolulu Advertiser)
North Point Mall losing Belk Jun 4, 2009
North Point Mall is managed by General Growth Properties. Other anchor tenants include Dillard s, Macy s, JCPenney and Sears. (Atlanta Journal-Constitution)
Judges still oppose rail route Jun 3, 2009
It's going to be years before we get to the detailed planning of this (Downtown) section, so it will be dealt with in due course," Apo said.Federal officials aren't the only ones pushing for a change in the route. General Growth Properties, which owns Ala Moana Center and the Ward Centers, has asked the city to change the route through Kaka'ako. Additionally, the U.S. Environmental Protection Agency urged the city to alter the train's route to avoid displacing a small Waiawa neighborhood known... (Honolulu Advertiser)
Bankruptcy Pays 18% Stock Return in One-Week Trade as GM Enters Chapter 11 Jun 2, 2009
General Growth Properties Inc., the Chicago-based mall owner that filed the biggest real-estate bankruptcy in U.S. history, has quadrupled since seeking protection from creditors on April 16. of Pershing Square Capital Management LP, the New York-based hedge fund that holds about 25 percent, said the stock will rebound. (Bloomberg -- Germany)
Commercial real estate in straits May 31, 2009
The second-largest shopping mall operator in the world, General Growth Properties with 200 U.S. malls, was unable to restructure $27 billion in debt. The company went bankrupt last month. (Anchorage Daily News)
RESTAURANT, MILITARY RECRUITERS TO OCCUPY S. OLIVE STRIP MALL May 29, 2009
The decision did not have anything to do with the April 16 bankruptcy filing by The Pines owner General Growth Properties, he said, adding that he didn t know anything about how the bankruptcy would affect the mall or its tenants. The strip mall s physical address is 502 Mallard Loop. (Pine Bluff Commercial, AR)
Buyer bids for Bridgeland May 22, 2009
Bridgeland is being sold by General Growth Properties Inc. The Chicago-based owner of primarily retail properties filed for bankruptcy protection from creditors in mid-April. Bridgeland is not included in the bankruptcy proceeding. (Houston Business Journal, TX)
Attendance down at ICSC spring convention May 20, 2009
At least three of the other largest shopping center owners have also scaled down their presence at the event in the wake of industry giant General Growth Properties landing in Chapter 11 protection from creditors a few weeks ago. Indianapolis-based Simon Property Group, which owns Ross Park Mall, South Hills Village and Century III Mall, left perhaps the biggest vacuum when it opted against setting up shop in its typical drug store-sized mega kiosk on the floor of the Las Vegas Convention Center... (Pittsburgh Business Times, PA)
The wreck of modern finance May 20, 2009
As we have recently seen in two cases, Abitibi-Price and General Growth Properties, CDS deviate even further than most derivatives from the theoretical efficient-market modern finance ideal in that they allow debt-holders to "game" the default process itself. In essence, CDS holders, who if they are also bondholders can vote in the bankruptcy process, act like spectators at a suicide, yelling, "Jump! Jump!'' and pushing companies into default in order to reap bonanza profits from their CDS. This... (Asia Times Online)
All work, little play at ICSC due to slump May 20, 2009
Simon Property Group Inc. (NYSE: SPG) is not exhibiting this year, although General Growth Properties Inc. (Pink Sheets: GGWPQ) is, Hershkowitz said. But most of the roughly 20,000 people scheduled to attend will be there for the action rather than the experience, said Eric DeJernett, a senior vice president in retail brokerage with CB Richard Ellis Austin office. (Austin Business Journal, TX)
Vulture Buyers to Circle U.S. Shopping Center Confab May 18, 2009
Last month, General Growth Properties Inc, the second-largest U.S. mall operator filed for bankruptcy protection after it was unable to refinance its maturing loans. "General Growth is going to be the model for the industry here," Mason said. (ABC News -- Wire)
Viral Marketing Meets Hospitality Revenue Management in Cornell Roundtable May 16, 2009
Center Senior Partners: American Airlines Admirals Club, General Growth Properties, Inc., job. travel, McDonald's USA, Philips Hospitality, Southern Wine and Spirits of America, Inc., Taj Hotels Resorts and Palaces, and TIG Global. (Yahoo News -- Press Releases)
U.S. objects to Kirkland working for General Growth May 16, 2009
General Growth Properties, Inc. (GGP) is a self-administered and self-managed real estate; John BucksbaumChairman of the Board Adam MetzChief Executive Officer, Director From The Lists Your resource for everything related to business in Chicago. 17. (Crain's Chicago Business)
General Growth gets Farallon loan May 14, 2009
General Growth Properties Inc., the mall owner that filed the biggest real-estate bankruptcy in U.S. history, will receive "debtor-in-possession" financing from Farallon Capital Management LLC, said William Ackman, whose company had competed with Farallon to provide the loan ... Ward Centre is among the local shopping malls that General Growth Properties owns. (Honolulu Advertiser)
