FORT WAYNE, Ind. (AP) – A Chicago-based real estate investment trust is buying the city’s largest shopping center. General Growth Properties announced Wednesday that it plans to acquire Glenbrook Square in Fort Wayne as part of a $550 million, three-mall deal.
General Growth said it expects to complete the purchase of the 1.2 million square-foot Glenbrook Square and The Maine Mall in South Portland, Maine, by Oct. 31. It has already acquired Sikes Senter in Wichita Falls, Texas.
Glenbrook was built in 1966 and is managed by Chicago-based Landau Heyman, which also is a part owner. L.S. Ayres, J.C. Penney, Marshall Field’s and Sears are the anchor tenants.
Buying the three malls gives General Growth “the opportunity to build upon the already strong performance of three successful properties,” General Growth CEO John Bucksbaum said.
The company said the deal is expected to provide General Growth with about $39.1 million in additional net operating income in 2004.
General Growth Properties owns 164 regional shopping malls in 39 states. The company’s stock trades on the New York Stock Exchange under the symbol GGP.
AP-ES-10-17-03 0829EDT
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