Thursday, November 11, 2010

General Growth's Shrinking Empire

The owner of Columbia mall is steadily casting a smaller shadow over these parts. From the Sun:

General Growth Properties is selling the Gateway Overlook Shopping Center in Columbia for $90 million. The shopping center, which opened in 2007, includes tenants such as Trader Joe's, Loehmann's, Costco, Best Buy and On the Border.

The sale is part of a strategy by General Growth, which emerged from bankruptcy this week, to sell non-core assets to boost its balance sheet. The sale of the shopping center located at Routes 175 and 108 will help the company reduce about $55 million in debt and generate $35 million in proceeds.

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