By Adriana Pop, Associate Editor
The center, which totals approximately 2.2 million square feet of retail and office space, ranks as the largest shopping mall in Hawaii. With more than $1,350 worth of tenant sales per square foot, Ala Moana Center is also one of the world’s most productive retail assets. The property is currently undergoing a redevelopment, which will bring another 660,000 square feet of space. The upcoming additions will be anchored by Bloomingdale’s first store in Hawaii and Nordstrom, which will be relocating within the center. The mall features more than 280 first-class tenants, including Neiman Marcus, Macy’s, Apple, Cartier, Chanel, Ben Bridge, Bottega Veneta, Harry Winston, Hermes, Louis Vuitton, Miu Miu, Prada and Tiffany.
Following the sale, GGP now owns a 62.5 percent equity interest in Ala Moana Center.
Earlier in March, as reported by the Pacific Business News, the Chicago-based company sold a 25 percent ownership stake in the Honolulu property to AustralianSuper for about $907 million.
“This investment represents the opportunity to acquire an interest in one of the highest-performing retail assets in the world,” Mike Fisk, senior director of regional mall acquisitions for TIAA-CREF Global Real Estate, said in a news release. “Our research points toward positive indications for regional mall performance, due to a modest new supply pipeline, expected high productivity for top-quality malls and anticipated NOI growth via re-leasing opportunities.”
GGP and New York-based TIAA-CREF, the largest manager of institutional tax-exempt real estate assets in the United States, are also partners in the Grand Canal Shoppes in Las Vegas.
Photo credit: www.enoa.com