General Growth to sell South Street Market

Portfolio includes Harbor Place & The Gallery in Baltimore, South Street Seaport in New York City and Faneuil Hall in Boston

Real Estate Investment Trust (REIT) General Growth Properties, the country’s second largest mall owner, has put its Festival Marketplace portfolio on the market, according to an investment offering obtained by citybiz real estate, the media entity that first broke the story. The investment offering is being distributed by DTZ Rockwood, a full service real estate investment banking firm headquartered in New York.
 
(Download a pdf of the investment offering summary by clicking here , and going to the end of the story.)

General Growth’s Festival Marketplace portfolio, which was originally built and owned by Columbia, MD-based The Rouse Company, which General Growth acquired in 2004, includes Harbor Place & The Gallery Mall in Baltimore, a 544,453 square foot, multi-use building with nearly 260,000 square feet office and 285,000 square feet of retail; South Street Seaport, a 285,847 square foot retail center in New York City; and Faneuil Hall in Boston, which like Harbor Place, is a mixed use facility with 350,980 total square feet, 155,333 of which is office.

In total, the investment offering is for 1.181 million square feet.

According to the investment offering, Harbor Place & The Gallery has an office occupancy of 77.3 percent and its retail occupancy is 85.6 percent. It generates $522 per square foot in sales. The property generated nearly $114 million in retail sales for the 12 month period ending September 30, 2008.

South Street Seaport in New York City is a 285,847 square foot retail center that is 94.3 percent occupied with retail tenants. The investment offering says the site is one of the top five tourist attractions in New York City. Located on the East River directly south of the Brooklyn Bridge in Downtown Manhattan, South Street Seaport generated more than $102 million in retail sales for the 12-month period ending September 30, 2008.

Faneuil Hall’s office and retail occupancies are just short of 90 percent. Located in the heart of downtown Boston, Faneuil Hall Marketplace is a historic landmark and mixed-use project comprised of retail, office, dining and entertainment components, according to the investment offering. Home to the Quincy Market Colonnade, one of the largest and most heavily trafficked foothalls in the world, the property intersperses local boutique and well-known national retailers and over 50 dining venues. Faneuil Hall Marketplace generated more than $102 million in retail sales for the 12-month period ending September 30, 2008

DTZ Rockwell’s team of David Monahan, Thomas Dobrowski and John Coury will manage the investment sale for General Growth.

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