Deals
General Growth Sells Mall Stake for Net Proceeds of $410 Million
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General Growth Properties Inc. sold half its interest in the Grand Canal Shoppes, including the Shoppes at the Palazzo, in Las Vegas for net proceeds of $410 million as part of a new joint venture with TIAA-CREF.
The 774,000-square-foot (72,000-square-meter) mall in the Venetian and the Palazzo hotel-and-casino complex on the Las Vegas Strip is 99 percent leased, the partners said today in a statement. General Growth, based in Chicago, said it will continue to handle management and leasing of the property, which generates more than $1,000 of sales per square foot.