REAL ESTATE

GGP Malls host 9/11 remembrance events

BY CSA STAFF

Chicago — General Growth Properties, along with more than 130 of its malls, is encouraging employees and local residents in communities across the country to join them as they take pause to commemorate the 10-year anniversary of September 11.

In partnership with the 9/11 Day of Service and Remembrance, GGP is performing acts of service and encouraging others to do the same by registering a pledge on www.911day.org. The 9/11 Day of Service and Remembrance was created to inspire millions of people to annually pay tribute by pledging to perform good deeds, support charitable causes, volunteer and engage in acts of compassion.

“September 11, 2001 is one of those dates in our lifetime we’ll always remember where we were and the emotions we felt. I am proud GGP is honoring the 10-year anniversary by hosting remembrance events in our local communities and inspiring others to make a difference,” said Sandeep Mathrani, CEO, GGP. “Whether it’s making a donation to a local charity, or maybe more importantly, donating our time, we all should take pause to honor the heroic deeds that took place that day and those who lost their lives.”

Service and Remembrance activities and events taking place throughout the GGP portfolio include: Chicago-based staff participating in a 9/11 Signature Service Day to help revitalize a school with players from the Chicago White Sox; a remembrance ceremony at Ala Moana Center (Honolulu, Hawaii) with military buglers, drill teams and a hula dedication; the placement of 3,000 American flags at the main entrance of Coral Ridge Mall (Coralville, Iowa), representing the lives lost on 9/11; planting a remembrance garden in front of Oakwood Center (Gretna, La.) that will be dedicated to the first responders; and a collection drive at Natick Mall (Natick, Mass.) to support the Massachusetts Military Heroes Fund service project to build 1,000 care packages for service men and women overseas.

Other activities taking place include special lunch deliveries for local fire fighters, tribute walks, in-kind donations and other volunteer events to support active military.

In addition, displays, posters, signs and brochures blanketing 130 GGP malls will encourage shoppers to visit www.911day.org to make a pledge of support. A powerful public service announcement will flash across the giant video screen at Fashion Show on the Las Vegas Strip, as well as on video screens in GGP malls across the country.

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News

The Falls, Miami

BY CSA STAFF

The Falls, one of Florida’s largest open-air, retail and entertainment destinations featuring Bloomingdale’s and Macy’s, along with more than 95 stores and restaurants, is rolling out a new retail roster that will include several new stores and dining venues.

The retail surge at The Falls, opening in different phases as of fall 2011, will coincide with numerous exterior upgrades including new entrances and signage, along with interior enhancements featuring a contemporary and chic color palette and new soft seating areas.

Among the new retail additions at the Simon Property Group-owned mall are women’s fashion and accessories retailer Love Culture, home furnishings retailer Love Sac, and new dining options such as Corner Bakery Café and Red Robin with a South Florida market debut.

The Falls recently announced the addition of The Fresh Market with a new 22,000-sq.-ft. building near Bloomingdale’s. The opening of The Fresh Market at The Falls signifies the first in the Simon portfolio and will be completed in 2013.

Current retailers at The Falls include Abercombie & Fitch, abercombie kids, Apple, Banana Republic, BCBGMAXAZRIA, bebe, Brooks Brothers, Brookstone, Cache, Coach, Crate & Barrel, Hollister, Loft, Lucky Brand Jeans, Mayor’s Jewelers, Origins, Swarovski, Talbots, Vera Bradley, White House/Black Market, Williams-Sonoma Grand Cuisine and more. Dining selections include Johnny Rockets, Los Ranchos Restaurant, Macy’s Taste Bar, P.F. Chang’s China Bistro and TGIFriday’s.

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REAL ESTATE

DDR and Glimcher Realty Trust announce strategic asset swap

BY Staff Writer

Columbus, Ohio — Developers Diversified Realty and Glimcher Realty Trust announced Wednesday that the companies have entered into an agreement to swap two assets better aligned with the other’s operating platforms and strategies.

DDR will sell Glimcher its open-air mall, Town Center Plaza, in Kansas City, Kan., and Glimcher will sell DDR its power center, Polaris Towne Center, in Columbus, Ohio.

The transaction is expected to close in the fourth quarter of 2011.

“We are excited about this transaction that not only enhances the quality of Glimcher’s mall portfolio but is also expected to be accretive to our earnings,” said Michael P. Glimcher, chairman and CEO of Glimcher.

Town Center Plaza, which Glimcher will purchase from DDR for approximately $139 million, is a 650,000-sq.-ft. open-air mall anchored by Macy’s and Dick’s Sporting Goods and features Pottery Barn and Anthropologie.

“The simultaneous disposition of Town Center Plaza and acquisition of Polaris Towne Center is consistent with our strategic objective of simplifying our portfolio and focusing on what we do best,” said Daniel B. Hurwitz, president and CEO of DDR.

Polaris Towne Center, which DDR will purchase from Glimcher for approximately $80 million, is a 700,000-sq.-ft. market-dominant asset anchored by Target, Lowe’s, Kroger, Best Buy and TJ Maxx. Polaris Towne Center will be the seventh asset owned by DDR in the Columbus MSA.

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