{"id":1004033236,"date":"2011-10-14T12:43:21","date_gmt":"2011-10-14T20:43:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004033236"},"modified":"2022-12-06T22:02:30","modified_gmt":"2022-12-07T06:02:30","slug":"faneuil-hall-marketplace-2-other-properties-fetch-280m-for-ggp","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/faneuil-hall-marketplace-2-other-properties-fetch-280m-for-ggp\/","title":{"rendered":"Faneuil Hall Marketplace, 2 Other Properties Fetch $280M for GGP"},"content":{"rendered":"

October 14, 2011<\/strong>
\nBy Paul Rosta, Senior Editor<\/em><\/p>\n

<\/em><\/p>\n

\"\"<\/a>

Photo courtesy of Flickr Creative Commons user BostonPhotoSphere<\/p><\/div>\n

General Growth Properties Inc. confirmed on Friday that it has sold the landmark Faneuil Hall Marketplace in Boston and two other properties for $280 million in separate transactions.<\/p>\n

New York City-based Ashkenazy Acquisition Corp. paid an estimated $140 million for the three-building Faneuil Hall retail complex, named after an historic 269-year-old building at its centerpiece. One of Boston\u2019s prime local attractions and tourist destinations, Faneuil Hall Marketplace features 49 shops, 44 pushcarts, 18 full-service restaurants, 35 food stalls and a comedy nightclub, according to GGP\u2019s Web site.<\/p>\n

GGP also reported the recent sales of two other properties in separate transactions: \u00a0the office and garage components of Westlake Center, a mixed-use property located in Seattle, which commanded $119 million, as well as Riverside Plaza, a retail strip center in Provo, Utah, which traded for $21 million. The identities of the buyers of the two other properties were not immediately available on Friday. Taken together, the sales of the three properties removed $95 million worth of mortgage debt from the retail REIT\u2019s balance sheet, the company said.<\/p>\n

Besides its benefits for GGP”s balance sheet, \u00a0the disposal of Faneuil Hall Marketplace also frees the company from a sometimes strained relationship with Boston\u2019s Mayor Thomas Menino.\u00a0 Earlier this year, Menino publicly criticized GGP for its stewardship of the property and mix of tenants, telling the Boston Herald<\/em>, \u201cIt\u2019s so unfortunate that they treat the shopping district and its tenants like a second-class mall.\u201d Following the deal\u2019s closing, Menino issued a statement offering support for the new owner: \u201cAfter extensive review, I am confident that Ashkenazy will ensure that Faneuil Hall continues to be a landmark destination for our residents and visitors from all over the world.\u201d<\/p>\n

The property sales disclosed this week are the latest in a recent string of financial activity and transactions for GGP, which emerged from bankruptcy in Nov. 2010. Last month, the company said that it had formed a joint venture with Canada Pension Plan Investment Board, which initially acquired two upscale centers in St. Louis, the 1 million-square foot St. Louis Galleria and the 482,000-square-foot Plaza Frontenac. Also in September, GGP refinanced the 1.3 million-square-foot Staten Island Mall in New York City for $273 million and 1.2 million-square-foot Boise Town Square for $140 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Taken together, the sales of the three properties remove $95 million in mortgage debt from the retail REIT\u2019s balance sheet, the company said.<\/p>\n","protected":false},"author":445,"featured_media":1004033240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,10,21747,21749,15],"tags":[],"class_list":["post-1004033236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-northeast","category-office","category-retail","category-west"],"acf":[],"yoast_head":"\nFaneuil Hall Marketplace, 2 Other Properties Fetch $280M for GGP - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/faneuil-hall-marketplace-2-other-properties-fetch-280m-for-ggp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Faneuil Hall Marketplace, 2 Other Properties Fetch $280M for GGP\" \/>\n<meta property=\"og:description\" content=\"Taken together, the sales of the three properties remove $95 million in mortgage debt from the retail REIT\u2019s balance sheet, the company said.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/faneuil-hall-marketplace-2-other-properties-fetch-280m-for-ggp\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-14T20:43:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T06:02:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/Fanueil-Hall-clouds_BostonPhotoSphere.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"334\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Rosta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/faneuil-hall-marketplace-2-other-properties-fetch-280m-for-ggp\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/faneuil-hall-marketplace-2-other-properties-fetch-280m-for-ggp\/\",\"name\":\"Faneuil Hall Marketplace, 2 Other Properties Fetch $280M for GGP - 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