New York-based Rouse Properties Inc announced its purchase of Greenville Mall in North Carolina earlier today. The real estate investment trust paid US$50.25 million for the enclosed mall, excluding other transaction fees.
Rouse, operator and owner of enclosed regional malls all over the U.S., assumed an existing US$41.7 million non-recourse loan which has an interest rate of 5.29% and matures in December 2015.
"The purchase of Greenville Mall is a perfect fit for Rouse's acquisition program, as we continue to add to our growing portfolio of dominant, middle market regional malls," said Andrew Silberfein, president and chief executive officer of Rouse Properties. "With strong in-line sales, low occupancy costs and the dominant competitive position afforded by being the only mall serving the marketplace, this asset presents another opportunity for Rouse to apply our platform to significantly improve the economic metrics, tenant quality and sales productivity of the asset."
Greenville Mall is situated in eastern North Carolina and spans approximately 460,800 square feet. It serves as the hub of multi-county trade of more than 400,000 locals as the only enclosed regional mall within 40 miles.
Rouse acquired Greenville through a private transaction from a partnership handled by Gregory Greenfield & Associates.
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