Information Package - General Growth Properties

Transcription

110 N. Wacker Drive, Chicago IL 60606
Information Package:
Rouse Properties, Inc.
Planned Distribution to Stockholders
Updated and Amended
August 29, 2011
Forward Looking Statements
This presentation contains forward-looking statements. These statements relate to future events
or to future financial performance and involve known and unknown risks, uncertainties, and other
factors that may cause actual results, levels of activity, performance, or achievements to
materially differ from any results, levels of activity, performance, or achievements expressed or
implied by these forward-looking statements. The words “possible,” “propose,” “might,” “could,”
“would,” “projects,” “plan,” “forecasts,” “anticipates,” “expect,” “intend,” “believe,” “seek,” or
“may,” the negative of these terms and other comparable terminology, are intended to identify
forward-looking statements, but are not the exclusive means of identifying them. Actual results
may differ materially from the results suggested by these forward-looking statements, for a
number of reasons, including, but not limited to, our ability to refinance, extend, restructure or
repay near and intermediate term debt, our substantial level of indebtedness, our ability to raise
capital through equity issuances, asset sales or the incurrence of new debt, retail and credit
market conditions, impairments, the Rouse Properties, Inc.’s (“Rouse”) liquidity demands, and
retail and economic conditions. Readers are referred to the documents filed by General Growth
Properties, Inc. ( "GGP") and documents filed from time to time by Rouse with the Securities and
Exchange Commission (the "SEC"), which further identify the important risk factors which could
cause actual results to differ materially from the forward-looking statements in this presentation.
Except as may be required by law, neither GGP nor Rouse undertake any obligation to update or
revise any forward-looking statements to reflect events or circumstances occurring after the date
of this presentation.
1
110 N. Wacker Drive | Chicago, IL 60606 | 312.960.5000
Table of Contents
Topic
2
Slide
Overview
3
Process
4
Rationale for Divestiture of Rouse
5
Rationale for Divestiture through Spin-Off
6
Rouse Business Strategy
7
Rouse Investment Merits
8
Rouse Portfolio Highlights
9
Indicative Rouse Balance Sheet / Debt Profile
11
Rouse Property Listing
12
Overview

General Growth Properties, Inc. ("GGP") today filed a Form 10 registration statement with the
Securities and Exchange Commission to distribute a 21.1 million square foot, 30-mall portfolio (the
“Rouse Portfolio” or “Rouse”), to GGP stockholders through a taxable dividend spin. This transaction
is intended to efficiently achieve GGP’s strategic objective to focus its operating and development
expertise primarily on its core mall portfolio.

The Rouse Portfolio, which currently constitutes approximately 7% of GGP’s NOI, was identified
through a comprehensive review process that focused on differentiating GGP’s current portfolio
based on a blend of key quantitative and qualitative considerations, including:
1)
2)
3)
4)
5)

3
Asset management focus, human capital requirements
Capital structure and capital needs
Geographic location
Sales productivity
Tenant mix
Beyond the above considerations, the overarching objective for a spin-off is to ensure that Rouse has
a portfolio of the scale, quality, performance and growth potential to effectively compete and thrive.
Process
4

GGP plans to transfer the Rouse Portfolio to a recently formed entity, Rouse Properties, Inc., which is
expected to qualify as a Real Estate Investment Trust and is expected to file for listing on the NYSE.

GGP plans to spin-off Rouse Properties, Inc. to holders of GGP common stock as a taxable special
dividend to be comprised of common stock of Rouse Properties, Inc.

The distribution is expected to be made on a pro rata basis to holders of GGP common stock as of the
dividend record date.

This special dividend is anticipated to be declared during the fourth quarter of 2011.

The distribution will be subject to the Securities and Exchange Commission’s reviewing and declaring
effective Rouse’s Form 10 registration statement. The distribution is also subject to the satisfaction of
a number of other conditions, including those relating to third party consents.

As such, we cannot be certain that the distribution will occur, or proceed in the manner or amount as
currently anticipated. The portfolio of properties and associated indebtedness is subject to change.

Should this special dividend be distributed in the structure and timeframe as currently anticipated, it
is expected to satisfy a portion of GGP's 2011 REIT taxable income distribution requirement.
Rationale for Divestiture of Rouse

Rouse is comprised of malls that generally have a different operating, capital and geographic focus than
GGP’s core mall portfolio.

Rouse’s business plan requires specialized asset management approaches that are expected to benefit
from a dedicated management team focused exclusively on executing strategies to maximize value.

We believe that the strategic benefit of this transaction and its positive impact towards enhancing value
outweighs near term FFO dilution.

Key GGP metrics post-divestiture :
Tenant Sales per square foot
Occupancy
Core NOI Growth
Debt
(Based on historical results through June 30, 2011 or as of June 30, 2011)
Resulting in potentially improved public market valuation metrics for GGP
5
Rationale for Divestiture Through Spin-Off
Key advantages of a spin-off transaction versus alternative divestiture options:
6

Enables GGP stockholders to participate in Rouse’s significant growth potential coming off of a
performance trough

Highly efficient from the standpoint of being a single transaction as well as an identifiable process
and timeframe

Significantly greater certainty of execution
Rouse Business Strategy
With a nationally diversified mall portfolio totaling 21.1 million square feet, Rouse will immediately be
among the largest mall owners focused on a ‘B’ mall strategy.
Value Creation Strategies:

Redevelop, reposition and refresh properties; sequence capital investments with leasing
(Targeting approximately $230 million of development expenditures through 2015)

Aggressively pursue lease-up of vacant space

Convert temporary tenants to permanent tenants

Evaluate external growth opportunities as appropriate
Intensely focus on all opportunities to capture embedded growth, prudently
invest to increase NAV, position Rouse to be a leading player in its segment
7
Rouse Investment Merits
8

Highly experienced operating team; long history of managing Rouse within GGP

Large and diversified portfolio

Significant embedded opportunities to drive growth

Highly accretive repositioning and redevelopment opportunities

Targeting core NOI of over $200 million by the end of 2015, from $161.5 million in 2010

Sized for growth: smaller base from which to ‘move the needle’

Special dividend represents attractive basis from which to participate in growth opportunity

Strong key investor sponsorship with deep roots in the real estate industry
Geographically diverse portfolio of 30 Malls totaling 21.1 million square feet
Three Rivers Mall
Silver Lake
Gateway Mall
Knollwood
Lansing Mall Birchwood
Bayshore Mall
Steeplegate Mall
Westwood
White Mountain
Spring Hill
Southland Mall
Cache Valley Mall
West Valley
Southland Center
Colony Square
Newpark Mall
The Boulevard Mall
Washington Park
Valley Hills Mall
Animas Valley Mall
Chula Vista
The Mall at Sierra Vista
North Plains
Pierre Bossier
Sikes Senter
Mall St. Vincent
Collin Creek
Vista Ridge
Lakeland Square
9
Expiring GLA1
(000’s sf)
Operating Metrics
Total Mall GLA
In-Line Mall GLA
% Leased:
Tenant Sales
Occupancy Cost
21.1 msf
9.1 msf
87.7%
$279 psf
13.2%
Specialty Leasing
% of Total
1,170.7
14.9%
2011
349.9
4.5%
2012
922.1
11.7%
2013
1,110.2
14.1%
2014
933.6
11.9%
2015
592.0
7.5%
2016
509.1
6.5%
2017
418.1
5.3%
2018
320.7
4.1%
2019
381.6
4.9%
2020
188.4
2.4%
Thereafter
964.0
12.3%
Information presented is as of June 30, 2011
10
Indicative Rouse Balance Sheet / Debt Profile
Debt Maturity Profile3
Indicative, Abbreviated Rouse Balance Sheet*
As of June 30, 2011
$700
Amort
7.50%
1
8.00%
8.50%
$2,153
$2,019
$1,900
Debt
$1,132
$1,132
$1,132
Implied Equity
$1,021
$887
$768
Implied Real Estate Value
2
Maturity
$600
$500
$400
($ millions)
Cap Rate Sensitivity
$300
$200
$0
(1)
(2)
(3)
Implied real estate value is based upon Rouse’s 2010 Core NOI, the most recent full year of
historical results.
Represents indebtedness of the Rouse Portfolio assets as of June 30, 2011
Based upon actual maturity profile of current in-place debt within GGP
$509.8
$263.2
$100
$13.6
2011
$28.4
$49.6
$34.3
$26.0
$24.7
2012
2013
2014
2015
$19.3
2016
$152.2
$10.8
After
Debt Summary
As of June 30, 2011
* This balance sheet is intended for illustrative purposes only. It assumes various valuation
scenarios of the underlying Rouse Portfolio based on a capitalized NOI valuation methodology.
To support our future liquidity needs, Brookfield Asset Management has informed us that it would be willing to provide (or cause to be provided), on terms
to be agreed and subject to, among other things, negotiation of definitive documentation and approval by our board of directors, (i) a $100 million
revolving subordinated credit facility and/or (ii) a backstop commitment to us for up to $200 million if we choose to pursue a pro rata rights offering of
equity to our stockholders following the distribution.
11
Rouse Property Listing
Mall
City
State
1
Total GLA
In-Line
GLA
% Leased
(Jun. 30)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Animas Valley Mall
Bayshore Mall
Birchwood Mall
Cache Valley Mall
Chula Vista Center
Collin Creek
Colony Square Mall
Gateway Mall
Knollwood Mall
Lakeland Square
Lansing Mall
Mall St. Vincent
Newpark Mall
North Plains Mall
Pierre Bossier Mall
Sikes Senter
Silver Lake Mall
Southland Center
Southland Mall
Spring Hill Mall
Steeplegate Mall
The Boulevard Mall
Three Rivers Mall
Valley Hills Mall NC
Vista Ridge
Washington Park Mall
West Valley
Westwood Mall
White Mountain Mall
Farmington
New Mexico
Eureka
California
Port Huron (Detroit)
Michigan
Logan
Utah
Chula Vista (San Diego)
California
Plano
Texas
Zanesville
Ohio
Springfield
Oregon
St. Louis Park (Minneapolis)
Minnesota
Lakeland (Orlando)
Florida
Lansing
Michigan
Shreveport-Bossier City
Louisiana
Newark (San Francisco)
California
Clovis
New Mexico
Bossier City (Shreveport)
Louisiana
Wichita Falls
Texas
Coeur D'Alene
Idaho
Taylor
Michigan
Hayward
California
West Dundee (Chicago)
Illinois
Concord
New Hampshire
Las Vegas
Nevada
Sierra Vista
Arizona
Kelso
Washington
Hickory
North Carolina
Lewisville (Dallas)
Texas
Bartlesville
Oklahoma
Tracy (San Francisco)
California
Jackson
Michigan
Rock Springs
Wyoming
TOTAL
463,168
612,991
725,093
497,535
874,241
1,020,138
492,025
817,624
464,619
884,075
834,812
532,814
1,114,322
303,188
611,879
667,506
325,046
903,210
1,264,993
1,167,540
479,110
1,176,872
365,853
419,477
933,668
1,062,721
356,691
884,673
507,859
303,619
274,351
392,733
298,959
170,747
320,141
327,887
284,147
485,956
383,935
274,037
443,642
184,814
373,448
109,107
218,581
292,816
152,793
320,173
524,729
485,960
222,763
388,836
169,361
226,244
322,152
392,511
162,395
536,383
136,171
209,137
95.7%
80.1%
87.8%
80.7%
91.3%
92.3%
79.8%
80.6%
94.3%
88.0%
91.4%
92.9%
89.2%
90.4%
91.8%
94.3%
84.5%
94.8%
82.9%
83.0%
71.8%
77.0%
94.8%
83.4%
96.7%
88.0%
93.4%
87.3%
94.8%
97.3%
21,067,362
9,084,909
87.7%
(1) Represents total mall area, including anchor Gross Leasable Area (GLA)
12
110 N. Wacker Drive, Chicago IL 60606
Property Overviews
Mall Map
14
Mall Listing by State
15
Animas Valley Mall
Farmington, New Mexico
Animas Valley Mall is a single-level, enclosed regional mall in Farmington, New Mexico.
Serving the Four Corners market of New Mexico, Colorado, Arizona and Utah, the mall
reaches a trade area of more than 187,000 people. Animas Valley is the only shopping mall
within a 40-mile radius.
The mall is anchored by Dillard’s, JCPenney, Sears and Ross Dress For Less and features an
entertainment corridor, including a 10-screen movie complex with stadium seating,
Fuddruckers and a 400-seat food court.
Farmington’s population of 45,000 grows to approximately 200,000 on weekends with people
visiting from outlying areas such as Durango, Colorado.
Total GLA1
463,168
In-Line GLA
274,351
% Leased (Jun. 30)
95.7%
16
Bayshore Mall
Eureka, California
Bayshore Mall is a single-level, enclosed, regional mall in Eureka, California, and the only mall
within a 130 mile radius. Located on California's Highway 101, which is traveled by 42,000
vehicles daily, Bayshore Mall features a diverse mix of national, regional and local retailers,
such as Pier 1 Imports, Bath & Body Works, Bed Bath & Beyond, Ross Dress For Less, rue21
and Victoria’s Secret, along with an 8-unit food court, sit down restaurant and large indoor
play area. A grocery store, restaurants and hotels located on peripheral land complement
Bayshore Mall.
The surrounding area, known as California’s Redwood Coast, has a diversified economy,
including light manufacturing, timber, fishing and agriculture.
Total GLA1
612,991
In-Line GLA
392,733
% Leased (Jun. 30)
80.1%
17
Birchwood Mall
Port Huron, Michigan
Birchwood Mall is a single-level, enclosed, regional mall in Port Huron, Michigan. It is the
largest regional mall in the “Blue Water” region, serving five counties as well as customers
from Canada.
The mall is anchored by Macy's, JCPenney, Sears, Target, and Younkers and home to many
national retailers such as Hollister, Aéropostale, American Eagle Outfitters, Gymboree, Bath &
Body Works, Victoria’s Secret and Ruby Tuesday. Amenities include a 10-screen theater,
450-seat food court and themed children’s soft play area.
Total GLA1
725,093
In-Line GLA
298,959
% Leased (Jun. 30)
87.8%
18
Cache Valley Mall
Logan, Utah
Cache Valley Mall is a single-level, enclosed, regional mall in Logan, Utah. It is the only
enclosed mall within a 40-mile radius and serves more than 140,000 people. Cache Valley
Mall is located at the corner of Logan’s busiest intersection.
The mall was renovated and expanded in 2004 and provides a retail mix that includes
Aeropostale, American Eagle Outfitters, Bath & Body Works, Christopher & Banks,
GameStop, Famous Footwear, rue21 and Olive Garden.
The population of Cache Valley has increased by 30% since 2000 and it was recently named
one of the top 25 thriving “micro-metropolitan” areas in the nation. The Cache Valley is home
to many technology-based industries and manufacturing firms.
Total GLA1
497,535
In-Line GLA
170,747
% Leased (Jun. 30)
80.7%
19
Chula Vista Center
Chula Vista, California
Chula Vista Center is a bi-level, open-air, regional mall in San Diego, California. Located
seven miles south of downtown San Diego and seven miles north of the Mexican border, the
mall reaches a trade area population of more than 670,000 people, with over 400,000
residents living within 5 miles of the mall.
The mall has the only Sears store in the South Bay region of San Diego, plus Macy’s,
JCPenney, Burlington Coat Factory, ULTRAStar Chula Vista Cinemas, BJ’s Restaurant,
Starbucks and more than 100 fine specialty shops.
Total GLA1
874,241
In-Line GLA
320,141
% Leased (Jun. 30)
91.3%
20
Collin Creek Mall
Plano, Texas
Collin Creek Mall is a bi-level, enclosed, regional mall in Plano, Texas. Tenants at the
mall include American Eagle Outfitters, Brookstone, The Limited divisions, Bath & Body
Works, Christopher & Banks, PacSun, Forever 21, Vans, Zumiez and Victoria’s Secret.
Collin Creek Mall is located in affluent, high-growth Collin County, 20 miles north of
downtown Dallas. Collin County is one of the fastest growing counties in the Dallas-Fort
Worth MSA.
East/west access to the center has been enhanced with the completion of President
George Bush Turnpike linking Collin Creek Mall with the North Dallas Tollway and I-35.
Total GLA1
1,020,138
In-Line GLA
327,887
% Leased (Jun. 30)
92.3%
21
Colony Square Mall
Zanesville, Ohio
Colony Square Mall is a single-level, enclosed, regional mall in Zanesville, Ohio. Zanesville is
the retail hub for southeastern Ohio as it is home to major manufacturers such as Kellogg’s,
Ralston-Purina, Mattingly Foods, The Longaberger Company, AK Steel, and major distribution
centers for AutoZone, Dollar General, White Castle, Inc., and Avon.
More than 1.7 million tourists visit Muskingum County annually, largely due to “The Wilds”, the
nation’s largest wildlife preserve, and 10 golf courses including the nationally-acclaimed
Longaberger and Eaglesticks courses.
Colony Square Mall features retailers such as American Eagle Outfitters, GameStop,
Victoria’s Secret and Gymboree, as well as a 12-screen Cinemark Theatre with stadium
seating.
Total GLA1
492,025
In-Line GLA
284,147
% Leased (Jun. 30)
79.8%
22
Gateway Mall
Springfield, Oregon
Gateway Mall is a single-level, enclosed, regional mall in Springfield, Oregon. Conveniently
located off Interstate 5, the mall is easily accessible and benefits from excellent visibility with
daily traffic counts of approximately 71,000 cars. The trade area population comprises nearly
335,000 people.
Gateway Mall offers a blend of family style retail shopping, entertainment, and dining
opportunities. Tax free shopping is available at more than 80 retailers including Big 5 Sporting
Goods, Famous Footwear, Lane Bryant, Maurices, Ross Dress for Less, Kohl’s, Sears and
Target. The mall features four sit-down restaurants and a 350 seat food court, as well as a
movie theatre, fitness center and children's play area.
In May 2011, Cabela’s opened their only store in Oregon at Gateway Mall.
Total GLA1
817,624
In-Line GLA
485,956
% Leased (Jun. 30)
80.6%
23
Knollwood Mall
St. Louis Park, Minnesota
Knollwood Mall is a single-level, enclosed, regional mall with attached strip retail in St. Louis
Park, Minnesota. The mall benefits from excellent exposure from major metro highways.
The mall features streetscape retailing and tenants such as DSW Shoe Warehouse, Kohl’s,
The Avenue, Bath & Body Works, Regis Salon, Applebee’s, Foss Swim School, Old Navy and
Panera Bread. Recent additions include TJ Maxx and Caribou Coffee.
The mall serves the affluent western suburbs of the Twin Cities, with average household
income well above the national average.
Total GLA1
464,619
In-Line GLA
383,935
% Leased (Jun. 30)
94.3%
24
Lakeland Square
Lakeland, Florida
Lakeland Square is a single-level enclosed mall in Lakeland, Florida. Lakeland Square is the
area’s largest mall, with retailers including Victoria’s Secret, Bath & Body Works, Christopher
& Banks, Old Navy, Hollister, American Eagle Outfitters, PacSun and Hot Topic. A 120,000
square foot Lowe's recently opened nearby.
Ranked by CNN Money Magazine as one of the top investment markets in the country,
Lakeland benefits from its proximity to Tampa and Orlando along the I-4 corridor. More than
1,500 homes are within walking distance of the mall. Lakeland is the headquarters for
Florida’s largest private employer, Publix Super Markets.
Total GLA1
884,075
In-Line GLA
274,037
% Leased (Jun. 30)
88.0%
25
Lansing Mall
Lansing, Michigan
Lansing Mall is a single-level, enclosed, regional mall in Lansing, Michigan, one of the fastest
growing townships in Michigan. The mall is easily accessible by major highway arteries and
minutes from I-96, I-69 and US-127.
In 2002, the mall underwent a $30 million renovation. T.J. Maxx was added in 2006, completing
the streetscape concept with Panera Bread, Barnes & Noble and Houlihans. Other anchor
tenants include JCPenney, Macy's, Younkers and a freestanding Best Buy store.
The mall serves a trade area population of almost 360,000 people.
Total GLA1
834,812
In-Line GLA
443,642
% Leased (Jun. 30)
91.4%
26
Shreveport, Louisiana
Mall St. Vincent
Mall St. Vincent is home to Hollister, Banana Republic, Abercrombie & Fitch, Gymboree,
Coach, Strasburg Children, Cache, New York & Company and Gap. The center also
includes Dillard’s and Sears.
The local economy is supported by diverse industries such as riverboat gaming, the
research/biomedical field, two General Motors production facilities and Barksdale Air
Force Base.
Mall St. Vincent is conveniently located on I-49, Louisiana’s only north-south interstate
highway and just two miles south of the east-west interstate corridor, I-20.
Total GLA1
532,814
In-Line GLA
184,814
% Leased (Jun. 30)
92.9%
27
NewPark Mall
Newark, California
NewPark Mall is a bi-level, enclosed, regional mall in Newark, California, within the Bay Area
and minutes from both San Francisco and San Jose. The mall benefits from access from I880, a major artery between Silicon Valley and San Francisco.
The mall features a strong mix of national and regional retailers, including Coach,
Aeropostale, Hollister, The Body Shop, Victoria’s Secret, New York & Co., Forever 21 and
The Disney Store.
The trade area includes major employers such as Sun Microsystems and a number of large
biotech firms.
Total GLA1
1,114,322
In-Line GLA
% Leased (Jun. 30)
373,448
89.2%
28
North Plains Mall
Clovis, New Mexico
North Plains Mall is a single-level, enclosed, regional mall in Clovis, New Mexico. It is the
largest mall in a 95 mile radius, drawing nearly 155,000 consumers from New Mexico and
Texas.
North Plains Mall is the dominant mall in the region as a result of its accessibility and diverse
retail offering. The North Plains Cinema 7, the city’s major entertainment destination, was
recently expanded.
Total GLA1
303,188
In-Line GLA
109,107
% Leased (Jun. 30)
90.4%
29
Pierre Bossier Mall
Bossier City, Louisiana
Pierre Bossier Mall is a single-level, enclosed, regional mall in Bossier City, Louisiana. The mall
is situated off I-20 and benefits from the thriving nearby riverboat casino industry, which draws
more than 14 million tourists each year.
Anchored by Dillard's, JCPenney and Sears, Pierre Bossier Mall draws customers from
Arkansas, Texas and Louisiana and serves a trade area population of almost 400,000 people.
Several residential sub-divisions are within six miles of the mall.
The local economy includes two regional medical facilities, the LSU School of Medicine, two
General Motors production facilities and Barksdale Air Force Base.
Total GLA1
611,879
In-Line GLA
218,581
% Leased (Jun. 30)
91.8%
30
Sikes Senter
Wichita Falls, Texas
Sikes Senter is a single-story, enclosed regional mall in Wichita Falls, Texas, serving shoppers
in 19 counties. More than 54,000 cars travel past the mall’s main intersection, Kemp Boulevard
and Midwestern Parkway, each day. Sikes Senter is the only shopping mall within a 100-mile
radius.
Anchored by JCPenney, Sears and two Dillard’s locations, the mall features prominent retailers
including Old Navy, Aeropostale, Bath & Body Works, American Eagle Outfitters, Victoria’s
Secret, The Children’s Place and Hollister.
Wichita Falls is located on I-44, midway between Oklahoma City and Dallas. It is home to
Sheppard Air Force Base which employs more than 15,000 people. Midwestern State
University, one mile west of the mall, has an enrollment of more than 6,000 students.
Total GLA1
667,506
In-Line GLA
292,816
% Leased (Jun. 30)
94.3%
31
Coeur d’ Alene, Idaho
Silver Lake Mall
Silver Lake Mall is a single-level, enclosed, regional mall in Coeur d’ Alene, Idaho. It is the
largest enclosed mall in northern Idaho. Coeur d’ Alene is a major northwest tourist
destination as it is home to one of the U.S.’s premier golf courses and resorts.
Silver Lake Mall’s specialty shops and three major department stores include Macy’s,
JCPenney, Sears, Bath & Body Works, PacSun, Radio Shack and CJ Banks.
The primary trade area comprises approximately 200,000 residents and the local population
is forecast to experience continued growth.
Total GLA1
325,046
In-Line GLA
152,793
% Leased (Jun. 30)
84.5%
32
Taylor, Michigan
Southland Center
Southland Center is anchored by Macy’s, JCPenney and Best Buy Superstore. The center’s
merchandise mix reflects the family orientation of its market in blending apparel with a
variety of unique dining choices. Southland Center expanded and remodeled eight national
tenants including Victoria’s Secret, Express, American Eagle Outfitters, and PacSun. The
mall also added CJ Banks and a new Charlotte Russe to solidify its merchandise mix.
Southland is the only regional mall located in the Detroit suburbs south of I-94 (serving
southern Wayne and Monroe Counties). It is less than one-quarter mile from I-75, which ties
into Detroit’s extensive freeway network. Taylor ranks fifth in Michigan in terms of retail
sales.
Total GLA1
903,210
In-Line GLA
320,173
% Leased (Jun. 30)
94.8%
33
Southland Mall
Hayward, California
Centrally located on I-880, Southland Mall is less than one mile from Hwys. 238 and the 92/San
Mateo Bridge Interchange. The mall is highly visible and is easily accessible to more than 3.5
million residents within a 30-mile radius.
Southland Mall has a strong mix of national, regional and specialty retailers including Bath &
Body Works, Victoria’s Secret, Champs, The Children’s Place, Crazy 8, Kay Jewelers,
Footlocker Triplex, Ecko Unlimited, New York & Company and Forever 21. The mall has a 12unit Food Court with seating for 350.
Olive Garden, Marie Callender’s, Applebee’s and Wells Fargo Bank are located on pad sites.
Elephant Bar Restaurant, Panera Bread Bakery Café and Mimi’s Café recently joined the
restaurant line-up at Southland Mall.
Total GLA1
1,264,993
In-Line GLA
% Leased (Jun. 30)
524,729
82.9%
34
West Dundee, Illinois
Spring Hill Mall
Spring Hill Mall is a single-level, enclosed, regional mall in West Dundee, Illinois, an affluent
northwest suburb of Chicago.
Spring Hill Mall is anchored by Macy’s, Carson Pirie Scott, Sears, JCPenney, Kohl’s, and
features a strong teen line-up including Express, American Eagle Outfitters, Aeropostale,
Famous Footwear and Charlotte Russe. In 2005, an extensive interior renovation created a
new Barnes & Noble Booksellers, a center court fountain area, new mall entrances and family
amenities.
Total GLA1
In-Line GLA
% Leased (Jun. 30)
1,167,540
485,960
83.0%
35
Steeplegate Mall
Concord, New Hampshire
Steeplegate Mall is a single-level, enclosed, regional mall in Concord, New Hampshire’s
state capital, and the only regional shopping mall serving central New Hampshire. The mall
benefits from tourists visiting the state’s ski and lakes regions.
The mall features national retailers such as Coldwater Creek, Abercrombie & Fitch,
American Eagle Outfitters, Victoria’s Secret, The Bon-Ton, JCPenney, Sears, Maurices,
The Children’s Place and Old Navy. It also provides a food court and a variety of
restaurants and services.
Total GLA1
479,110
In-Line GLA
222,763
% Leased (Jun. 30)
71.8%
36
Las Vegas, Nevada
The Boulevard Mall
The Boulevard Mall is a single-level, enclosed regional mall situated in the heart of Las Vegas,
just two miles from the Las Vegas Strip. The mall is minutes from downtown, the Las Vegas
Convention Center, McCarran International Airport and the University of Nevada.
The Boulevard Mall is anchored by JCPenney, Macy’s and Sears and features specialty shops
and eateries that cater to the surrounding neighborhoods, including, Victoria’s Secret, Forever
21, Express and Old Navy.
Total GLA1
In-Line GLA
% Leased (Jun. 30)
1,176,872
388,836
77.0%
37
Sierra Vista, Arizona
The Mall at Sierra Vista is a single-level, enclosed regional mall in Sierra Vista, Arizona.
The mall enjoys excellent access off Interstate 10. Anchored by Dillard's, Sears and
Cinemark 10, The Mall at Sierra Vista features retailers including Bath & Body Works, Best
Buy, PacSun, The Children's Place, Radio Shack, rue21, Hot Topic and Victoria's Secret,
as well as restaurants such as Applebee's, Jack in the Box and Texas Roadhouse.
Sierra Vista serves as the main commercial, cultural and recreational hub of the area. It is
one of the fastest growing communities in Arizona and the major population center for
southeastern Arizona.
Total GLA1
365,853
In-Line GLA
169,361
% Leased (Jun. 30)
94.8%
38
Kelso, Washington
Three Rivers Mall
Three Rivers Mall is a single-level enclosed, regional mall in Kelso, Washington. The mall is
located in the downtown area, near the heavily traveled I-5 and serves a trade area in excess
of 112,000 consumers. Three Rivers is the only mall within a 35 mile radius.
The mall features retailers such Macy’s, JCPenney, Sears, Bath & Body Works, Chuck E.
Cheese, GameStop, Fred Meyer Jewelers, Maurices, PacSun, Famous Footwear and
Payless ShoeSource.
The main source of employment in the area is from the timber and paper industry. Major
employers include Weyehaeuser and Longview Fibre.
Total GLA1
419,477
In-Line GLA
226,244
% Leased (Jun. 30)
83.4%
39
Valley Hills Mall
Hickory, North Carolina
Valley Hills Mall is a bi-level, enclosed, regional mall in Hickory, North Carolina. It is the only
enclosed mall in a 30-mile radius and is situated directly off I-40.
The mall offers major national brands such as Aerie, Aeropostale, American Eagle Outfitters,
Bath & Body Works, Charlotte Russe, Hollister, Hot Topic, Gap, Gymboree, PacSun, The
Children’s Place, Victoria’s Secret and Zales.
The primary trade area spans six counties with a rapidly growing population and above
average household incomes.
Total GLA1
933,668
In-Line GLA
322,152
% Leased (Jun. 30)
96.7%
40
Lewisville, Texas
Vista Ridge Mall
Vista Ridge Mall is conveniently located at the crossroads of the busy I-35E corridor and the
SH 121 Toll Road--10 minutes from the Dallas/Fort Worth International Airport and 15 miles
from the NASCAR race facility. The mall is adjacent to the Lewisville Convention Center
and several new hotels.
Average family household income within a 5-mile radius of the mall is $93,000 and the trade
area population growth rate is more than three times the national average.
Vista Ridge features a variety of national retailers including Aeropostale, Gap, Bath & Body
Works, Charlotte Russe, Hollister, The Children’s Place and Brookstone. It also has an 11unit food court with seating for 400, a 1,300 square foot children's play area and a 60,000
square foot Cinemark 15 theater.
Total GLA1
1,062,721
In-Line GLA
392,511
% Leased (Jun. 30)
88.0%
41
Bartlesville, Oklahoma
Washington Park Mall
Washington Park Mall is a single-level, enclosed, regional mall in Bartlesville, Oklahoma. As
the only regional mall in a 40-mile radius, it is the dominant mall serving northeastern
Oklahoma and southeastern Kansas.
Located north of Tulsa, Bartlesville is one of the most prosperous communities in Oklahoma.
Ideally situated, the mall enjoys both high visibility from and accessibility to busy Highway 75.
The mall features 3 sit-down restaurants and an 8-screen stadium seating theater complex,
Garfield’s Restaurant and five-unit food court. New additions to the mall include Cavender’s
Western Outfitter, rue 21 and Buffalo Wild Wings.
Total GLA1
356,691
In-Line GLA
162,395
% Leased (Jun. 30)
93.4%
42
Tracy, California
West Valley Mall
West Valley Mall is located off of I-205, one of the most heavily traveled thoroughfares in
San Joaquin County and serves an expanding trade area that is experiencing significant
increases in the number of households.
West Valley Mall features national specialty retailers, a multiscreen Cinemark Theater and
restaurants including Olive Garden, Applebee’s and Chevy’s.
Total GLA1
884,673
In-Line GLA
536,383
% Leased (Jun. 30)
87.3%
43
Westwood Mall
Jackson, Michigan
Westwood Mall is a single-level, enclosed, regional mall in Jackson, Michigan, halfway
between Ann Arbor and Battle Creek. Easily accessible from I-94 and Route 127, the mall
serves a market area spanning six counties and a population of more than 330,000 people.
The mall features retailers such as Aéropostale, American Eagle Outfitters, Applebee’s, Bath &
Body Works, Christopher & Banks, PacSun and Victoria’s Secret.
Westwood Mall is in close proximity to Michigan International Speedway, which hosts two
annual NASCAR events, attracting more than 400,000 people to the area. With 24 golf
courses, Jackson is ranked by Golf Digest as the fourth best place to live.
Total GLA1
507,859
In-Line GLA
136,171
% Leased (Jun. 30)
94.8%
44
Rock Springs, Wyoming
White Mountain Mall
White Mountain Mall is a single-level, enclosed mall in Rock Springs, Wyoming and is the
only mall within a 130-mile radius. Situated off the busy I-80, the mall benefits from
excellent access.
Strong anchor stores, such as Star Stadium 10 Theaters, the area’s only theater complex,
Applebee’s, JCPenney, Christopher & Banks, Famous Footwear, Footlocker, Maurices,
Vanity and Zales Jewelers make White Mountain Mall the dominant shopping center status
in this part of the state.
Total GLA1
303,619
In-Line GLA
209,137
% Leased (Jun. 30)
97.3%
45

Information Package - General Growth Properties

Transcription

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