musicman Posted November 12, 2008 Share Posted November 12, 2008 General Growth Properties shares plummeted Tuesday after the mall owner warned it faces solvency trouble and may be forced to file for bankruptcy if it can Quote Link to comment Share on other sites More sharing options...
editor Posted November 12, 2008 Share Posted November 12, 2008 It's already selling off a couple of malls in Las Vegas. Others can't be far behind. On a side note -- hopefully the financial trouble will convince GGP to sell its headquarters building. It is on a super-prime piece of real estate on the banks of a river lined with glittering skyscrapers. GGP's building is just awful. It should be torn down and replaced with something blue and flashy to blend in with its neighbors. If you had to make a bet -- which Houston mall do you think GGP will sell or close first? Quote Link to comment Share on other sites More sharing options...
Yonkers Posted November 12, 2008 Share Posted November 12, 2008 It is also the developer for the Bridgeland community out west/NW. My wife was interested in that area so wondering what will happen now? Quote Link to comment Share on other sites More sharing options...
TheNiche Posted November 12, 2008 Share Posted November 12, 2008 If you had to make a bet -- which Houston mall do you think GGP will sell or close first?They're in financial distress, so all bets are off.They need cash and they'll sell anything that anybody else is willing to buy, and sellers that can close quickly will be rewarded with deep discounts on the price. Quote Link to comment Share on other sites More sharing options...
TexasVines Posted November 12, 2008 Share Posted November 12, 2008 the malls will bring them next to nothing compared to what they owe I would see the half of the Woodland being their best bet since it would bring the most and the owner of the other half would possibly be interested Quote Link to comment Share on other sites More sharing options...
h2obuff Posted December 2, 2008 Share Posted December 2, 2008 It's already selling off a couple of malls in Las Vegas. Others can't be far behind.On a side note -- hopefully the financial trouble will convince GGP to sell its headquarters building. It is on a super-prime piece of real estate on the banks of a river lined with glittering skyscrapers. GGP's building is just awful. It should be torn down and replaced with something blue and flashy to blend in with its neighbors. If you had to make a bet -- which Houston mall do you think GGP will sell or close first? Unfortunately, GGP does not own the building, it is owned by a family trust (unrelated to the GGP family). They're in financial distress, so all bets are off.They need cash and they'll sell anything that anybody else is willing to buy, and sellers that can close quickly will be rewarded with deep discounts on the price. The GGP debt is site specific, i.e. all of the debt is tied to individual propoerties, not across all of the properties. The best bet is for GGP to sell a few of these off inorder to save the rest. Quote Link to comment Share on other sites More sharing options...
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