GGP Acquired By Brookfield Asset Management

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marshd1000
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GGP Acquired By Brookfield Asset Management

Post by marshd1000 » February 11th, 2019, 7:21 am

This is old news that I just read about today for the first time. GGP was acquired in August by Brookfield. Here in Western Washington, it puts the ownership of Westlake Center, Alderwood, Bellis Fair and Three Rivers Malls in with The Bravern in Bellevue.

https://bpy.brookfield.com/en/press-rel ... -140439679
Last edited by marshd1000 on February 11th, 2019, 12:31 pm, edited 1 time in total.

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Re: GGP Acquired By Brookfield Asset Management

Post by Super S » February 11th, 2019, 8:55 am

marshd1000 wrote:
February 11th, 2019, 7:21 am
This is old new that I just read about today for the first time. GGP was acquired in August by Brookfield. Here in Western Washington, it puts the ownership of Westlake Center, Alderwood, Bellis Fair and Three Rivers Malls in with The Bravern in Bellevue.

https://bpy.brookfield.com/en/press-rel ... -140439679
This also includes Clackamas Town Center.

GGP seemed to only be interested in upgrading the bigger malls such as Clackamas, while ignoring others like Three Rivers. When Three Rivers was spun off to Rouse, we did see Sportsmans Warehouse come in as well as a new Regal Cinemas theater constructed on the old Sears site. However, the rest of the mall is as empty as it has ever been.

GGP also had control of the near-death South Shore Mall in Aberdeen for a while, which is in worse shape than Three RIvers. (but does have a surviving Sears)

Amazon effects aside, I was told by a few people that GGP was charging the same leasing rates at Three Rivers Mall as they were at Clackamas for a while. Not sure how true that is, but it would explain why Three Rivers has struggled for so long.

Brookfield actually had control of the former Longview Fibre mill (now Kapstone) in Longview for a while. It remains to be seen how they will run malls. Time will tell...

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Re: GGP Acquired By Brookfield Asset Management

Post by Brian Lutz » February 11th, 2019, 9:21 am

From what I understand The Shops at The Bravern is owned by Ashkenazy Acquisition Corporation, but the current ownership is trying to sell the property. They've tried to make The Bravern a high-end shopping destination (anchored by Neiman-Marcus with Prada, Gucci, Hermes and a number of other luxury retailers) but a significant portion of the retail space remains vacant, and it's been underperforming pretty much from day 1. The office space remains 100% occupied by Microsoft though, and I assume the apartments are doing well. There is empty space on the property that is presumably earmarked for an expansion at some point in time, but I don't see anything going in there anytime soon.

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