Chicago — General Growth Properties has completed an agreement for the acquisition of 11 Sears anchor pads for $270 million. The acquisition is expected to close in the second quarter of 2012. The closing dates of the Sears stores will be announced later this year. Each of the Sears locations is part of an existing General Growth property.
"This portfolio represents a significant opportunity to recapture valuable real estate within our portfolio," said Shobi Khan, GGP chief operating officer in a release. "This acquisition also enhances several expansion and redevelopment opportunities including re-tenanting the anchor space and adding new in-line GLA. Over the next several years, we anticipate adding 319,000 square feet of new in-line space, the majority at Ala Moana Center, our most productive mall with sales surpassing $1,200 per square foot."
Upon closing, GGP will own the following anchor pads: Ala Moana Center, Honolulu; Apache Mall, Rochester, Minn.; Bellis Fair, Bellingham, Wash.; Coral Ridge Mall, Coralville, Iowa; Fashion Place, Murray, Utah; Mall of the Bluffs, Council Bluffs, Iowa; Market Place Shopping Center, Champaign, Ill.; Provo Towne Centre, Provo, Utah; Quail Springs Mall, Oklahoma City; West Oaks Mall, Ocoee, Fla.; The Woodlands Mall, Woodlands, Texas.