General Growth Properties Inc purchased stakes in two buildings in San Francisco. The acquisition enabled the second largest mall owner in the US to expand its portfolio with urban stores. General Growth bought a 50% stake in an Apple Inc flagship store and a Bulgari store located in Stockton St and Union Square, respectively. A regulatory filing revealed the deal was worth about USD 82 million.
The company has now been growing its urban retail portfolio. Last month, General Growth also said it would purchase 200 Lafayette St in the Soho neighborhood of Manhattan. That transaction was valued at USD 150 million. The company said it would be turning most of the property to retail space. JC Penney & Co now leases 100% of the property. General Growth has 123 regional malls all over the US.
General Growth Chief Executive Officer Sandeep Mathrani said in July, "In the case of urban retail, we are focused on flagship locations that are complementary to the mall business, and of the highest quality. There are only a handful of locations within the U.S. that have such packages."
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