MALL MAKER NUMBER TWO:
GGP Inc. (Brookfield Property Partners)

The General Management Corporation was formed in Cedar Rapids, Iowa in 1954. In the same year, they built TOWN & COUNTRY CENTER, an open-air strip-type shopping complex. A move to Des Moines, Iowa, in 1960, was undertaken so that General Management could effectively oversee the construction and leasing of DUCK CREEK PLAZA, its first mall-type center.

The business enterprise became the General Growth Development Corporation in 1970, but was liquidated in 1984. General Management, the management arm of the company, continued to oversee the operation of some of the shopping centers previously owned by the corporation. A new REIT, known as General Growth Properties, was formed in 1993. In 1995, the corporate offices moved from Des Moines to Chicago.

News of financial woes began to circulate in late 2008. The problems were the result of The Great Recession, in general, and also due to General Growth Properties' overly-aggressive buyouts of several smaller mall operating companies during the 1990s and early 2000s.

A chapter 11 bankruptcy was filed April 16, 2009; the largest shopping center-related real estate bankruptcy in US history. The Simon Property Group submitted a buyout bid in early 2010. General Growth, reluctant to submit to the overtures of its larger REIT rival, declined. In May 2010, a recapitalization plan, submitted by New York City-based Brookfield Asset Management, was approved by a bankruptcy court. Simon immediately withdrew its takeover offer.

As a result of the bankruptcy, CEO John Bucksbaum was removed from his post (held since 1999) and the corporation eventually reorganized as three units; the existing General Growth Properties, the Howard Hughes Corporation (a non-REIT spun off from GGP in November 2010) and Rouse Properties (a REIT spun off in January 2012).

The original Hughes entity had been incorporated into the James Rouse Company in May 1996 and became a General Growth holding following the November 2004 Rouse Company merger. The Howard Hughes Corporation was charged with the operation of four "master planned communities"; one in Maryland, one in Texas and two in Nevada. Eight more are currently in the planning stages. One retail-oriented complex is in operation in Louisiana, with four more proposed.

Rouse Properties was sold to Toronto-based Brookfield Asset Management in July 2016. General Growth Properties changed its name to GGP Inc. in January 2017. The assets of the company were acquired, by a subsidiary of Brookfield Asset Management, in a series of transactions. These concluded in August 2018, with Brookfield Property Partners now owning 100 percent of GGP Inc..

Like all companies operating malls in the United States, Brookfield was hard hit by the economic impact of the Covid-19 pandemic. Mall closings during 2020 caused profits to plummet. Likewise, the value of Brookfield shares fell. This prompted management to consider some novel uses for vacant mall space, such as leasing to mini online distribution centers, child-care facilities and medical clinics.   

Sources:

www.ggp.com
http://blog.retailtrafficmag.com
https://www.bisnow.com
https://www.bloomberg.com
https://connectedremag.com
"General Growth Properties" article on Wikipedia