Rouse Properties
| Company type | Subsidiary |
|---|---|
| Industry | Real estate investment trust |
| Founded | 2011 |
| Defunct | July 6, 2016 (corporation) August 28, 2018 (brand) |
| Fate | Acquired by Brookfield Asset Management |
| Successor | Brookfield Properties |
| Headquarters | New York City |
| Products | Shopping centers |
| Parent | Brookfield Asset Management |
| Website | rouseproperties |
Rouse Properties was a real estate investment trust headquartered in New York City. The company owned 35 shopping malls in 22 states encompassing approximately 24.5 million square feet of retail space.
History[edit]
In 2011, General Growth Properties announced that it would spin off a portfolio of 30 shopping malls as a new company named Rouse Properties.[1][2] The name was taken from the Rouse Company, which GGP had acquired in 2004.[2] The portfolio comprised most of GGP's Class B shopping centers (malls located in smaller cities, and second-tier malls in larger cities), allowing GGP to focus on its higher-performing properties.[3][4] The spin-off was completed on January 12, 2012.[5]
In February 2012, the company acquired Grand Traverse Mall for $66 million.[6]
In January 2013, the company acquired The Mall at Turtle Creek in Jonesboro, Arkansas for $96 million.[6]
In May 2014, the company began a $40 million renovation of NewPark Mall in Newark, California.[7]
In March 2015, the company defaulted a loan secured by Vista Ridge Mall in Lewisville, Texas.[8]
In November 2015, the company acquired The Shoppes at Carlsbad in Carlsbad, California.[9]
In 2016, Brookfield Asset Management, which owned 33 percent of Rouse Properties, made an unsolicited offer to purchase the rest of the company.[10][11] A purchase agreement was eventually reached, valuing the company at $2.8 billion.[12] Brookfield's acquisition of Rouse Properties was completed on July 6, 2016.[13][14]
In 2018, Brookfield also acquired GGP. Ultimately the Rouse Properties brand was absorbed into Brookfield Properties.[15]
Properties[edit]
- Animas Valley Mall — Farmington, New Mexico
- Bayshore Mall — Eureka, California
- Bel Air Mall — Mobile, Alabama
- Birchwood Mall — Fort Gratiot Township, Michigan
- Cache Valley Mall — Logan, Utah
- Centre at Salisbury — Salisbury, Maryland
- Chesterfield Towne Center — Chesterfield, Virginia
- Chula Vista Center — Chula Vista, California
- Fig Garden Village — Fresno, California
- Gateway Mall — Springfield, Oregon
- Grand Traverse Mall — Traverse City, Michigan
- Greenville Mall — Greenville, North Carolina
- Independence Mall — Wilmington, North Carolina
- Lakeland Square Mall — Lakeland, Florida
- Lansing Mall — Lansing, Michigan
- The Mall at Barnes Crossing — Tupelo, Mississippi
- The Mall at Sierra Vista — Sierra Vista, Arizona
- The Mall at Turtle Creek — Jonesboro, Arkansas
- Mall St. Vincent — Shreveport, Louisiana
- Monmouth Mall — Eatontown, New Jersey
- Mt. Shasta Mall — Redding, California
- NewPark Mall — Newark, California
- North Plains Mall — Clovis, New Mexico
- Pierre Bossier Mall — Bossier City, Louisiana
- Sikes Senter — Wichita Falls, Texas
- Silver Lake Mall — Coeur D'Alene, Idaho
- Southland Mall — Hayward, California
- The Shoppes at Carlsbad — Carlsbad, California
- The Shops at Somerset Square — Glastonbury, Connecticut
- Southland Center — Taylor, Michigan
- Spring Hill Mall — West Dundee, Illinois
- Three Rivers Mall — Kelso, Washington
- Valley Hills Mall — Hickory, North Carolina
- Washington Park Mall — Bartlesville, Oklahoma
- West Valley Mall — Tracy, California
- Westwood Mall — Jackson, Michigan
- White Mountain Mall — Rock Springs, Wyoming
References[edit]
- ^ Toth, Sara (August 3, 2011). "GGP to transfer 30 malls to new Rouse Properties, Inc". Baltimore Sun. Retrieved 2021-11-13.
- ^ a b Clabaugh, Jeff (August 2, 2011). "General Growth to bring back Rouse name with new spin off". Baltimore Business Journal. Retrieved 2021-11-13.
- ^ Information Statement (Report). Rouse Properties. December 20, 2011 – via EDGAR.
- ^ Greta Weiderman (January 4, 2012). "General Growth to spin off weak malls". St. Louis Business Journal. Retrieved 2021-11-13.
- ^ Lipp, Linda (January 20, 2012). "Mall owner spins off 30 properties, retains Glenbrook Square". Greater Fort Wayne Business Weekly – via NewsBank.
- ^ a b Martinez, Shandra (February 27, 2012). "General Growth Properties' spin-off company buys Grand Traverse Mall for $66 million". Advance Publications.
- ^ "Jonesboro's Turtle Creek Mall sells for $96M". Associated Press. January 3, 2013.
- ^ Carlisle, Candace (March 18, 2015). "Vista Ridge Mall owner looks to walk away and list it for foreclosure". American City Business Journals.
- ^ Molnar, Phillip (November 12, 2015). "Westfield Carlsbad purchased for $170 million". San Diego Union Tribune.
- ^ Dummett, Ben (January 19, 2016). "Brookfield Asset Management offers all cash for Rouse Properties". Wall Street Journal. Retrieved 2021-11-13.
- ^ Deveau, Scott; Carmiel, Oshrat (January 20, 2016). "Brookfield makes a $957m move on Rouse Properties in the US". Australian Financial Review. Retrieved 2021-11-13.
- ^ "Rouse Properties agrees to sweetened Brookfield offer". Reuters. February 25, 2016. Retrieved 2021-11-13.
- ^ "Mall's parent company merges with Brookfield in $2.8 billion deal". Times Record News. Wichita Falls, TX. July 7, 2016. Retrieved 2021-11-13.
- ^ "Rouse Properties, Inc. Debuts as Publicly Traded Regional Mall REIT" (Press release). Business Wire. July 6, 2016.
- ^ "Brookfield Property Partners L.P. Completes Acquisition of GGP Inc" (Press release). GlobeNewswire. August 28, 2018.